India Raises Petrol and Diesel Prices Again as Iran War Pushes Up Global Crude Costs
May 2026 | By Azad News
State-run fuel retailers in India have increased petrol and diesel prices for the second time in a week, as global crude oil prices remain elevated due to ongoing geopolitical tensions linked to the Iran conflict.
The latest increase is less than one Indian rupee per litre, bringing petrol prices in New Delhi to around 98.64 rupees per litre and diesel to 91.58 rupees per litre, according to dealers.
Fuel prices in India vary across states due to differences in local taxes, even though the sector is officially deregulated.
Government-backed oil companies such as Indian Oil Corporation, Hindustan Petroleum, and Bharat Petroleum control the majority of fuel distribution in the country and continue to influence pricing decisions.
Officials from the oil ministry confirmed that state fuel retailers are currently facing significant daily losses due to high crude prices, estimated at billions of rupees.
Industry sources say further price increases may be necessary in the coming weeks if global oil prices remain high.
India, being one of the world’s largest importers of crude oil, is highly sensitive to fluctuations in international energy markets.
This recent hike follows the first fuel price increase in four years, highlighting growing pressure on domestic energy markets.
Analysts suggest that price adjustments may continue in a phased manner as authorities attempt to balance market stability and consumer impact.
Political opposition parties have criticized the timing of the price hikes, claiming they were delayed due to recent state elections.
Meanwhile, the government has urged citizens to reduce fuel consumption and adopt energy-saving measures amid rising global uncertainty.
Conclusion
The ongoing rise in fuel prices in India reflects the broader impact of global oil market instability, with geopolitical tensions continuing to influence energy costs for consumers worldwide.
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