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Oil marketing companies have raised the retail prices of petrol and diesel by around ₹3 per litre and compressed natural gas (CNG) by ₹2 per kg. Find all the latest developments here
Newly increased fuel prices are displayed at a petrol pump in Malvan, India, May 15, 2026.
| Photo Credit:
FRANCIS MASCARENHAS
etrol, Diesel, CNG Price Hike Highlights: The oil marketing companies (OMCs) have hiked the prices of transport fuels citing significant losses from rising crude costs. Prices of petrol and diesel have been raised by around ₹3 per litre and compressed natural gas (CNG) by ₹2 per kg.
The PSU OMCs — Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) — have been losing around ₹20 per litre on the sale of petrol and around ₹100 per litre on diesel sales due to high oil prices and unchanged retail prices in India.
The retail prices of petrol and diesel had been unchanged since March 2024. They were last reduced by ₹2 per litre ahead of the Lok Sabha elections in 2024. Effectively, the prices have been raised for the first time after April 2022.
ALSO READ: Passing on full price shock would require a 200%–300% price hike in petrol-diesel, govt sources
Technically, fuel prices have been deregulated and oil marketing companies can revise prices daily on the basis of the fortnightly average of crude oil prices. Given the politically sensitive nature of the commodity, they remain largely unchanged.
Although OMCs are currently facing losses or under-recovery, they also profited when global crude prices were largely subdued in the past couple of years, and retail fuel prices remained largely stagnant.
The Congress on Friday slammed the Modi government over the petrol and diesel price hike, saying it is bound to lead to further inflation and growth estimates will be lowered considerably.
Retail prices of petrol, diesel in Metro cities (per litre) Petrol
Delhi: ₹97.77 (+₹3.00) Kolkata: ₹108.74 (+₹3.29)
Mumbai: ₹106.68 (+₹3.14)
Chennai: ₹103.67 (+₹2.83)
Diesel
Delhi: ₹90.67 (+₹3.00) Kolkata: ₹95.13 (+₹3.11)
Mumbai: ₹93.14 (+₹3.11)
Chennai: ₹95.25 (+₹2.86)
May 15, 2026 13:06 Here’s why analysts expect more fuel price hikes ahead
Why ₹3 fuel price hike may be just the beginning Fuel prices rise by ₹3 in India, prompting analysts to predict further hikes due to ongoing economic pressures and global crude costs.
May 15, 2026 12:42 “Modi-nomics has failed”: Karnataka ITBT minister Priyank Kharge on fuel price hike
Karnataka ITBT Minister Priyank Kharge on Friday launched a sharp attack on the Centre over the economy, and recent hikes in fuel prices, alleging that “Modi-nomics has failed.”
Criticising the Centre’s economic policies, Kharge told ANI, “The Modi-nomics has failed. The foreign policy of India has failed. Mr Modi has been globe-trotting without any consequence or benefit for the nation.”
He further alleged that fuel price hikes were deliberately withheld during the election period and announced immediately after the polls concluded. “As soon as the election was over, they were announced. We knew it, and we have been saying it from Day 1. Rahul Gandhi had even raised this issue in Parliament and asked for a discussion on the state of the economy, but Mr Modi kept saying everything is fine. Is this the “ache din” they have promised? And why is the government not telling people the actual problem? Why are they hiding things from us?” he said.
( ANI)
May 15, 2026 12:41 “Is this Modi’s government’s ‘achhe din’?”: CPI(M)’s Hannan Mollah questions fuel price hike
CPI(M) leader Hannan Mollah on Friday criticised the Cen
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