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Petrol and diesel prices have increased again, marking the third fuel price hike in recent weeks across India. The latest price revision comes amid global crude oil fluctuations and concerns over supply stability. Drivers and businesses are expected to feel the impact as transportation and logistics costs continue rising.
Petrol and diesel prices were increased again on Saturday (May 23, 2026), marking the third hike in less than 10 days. The petrol prices went up by 87 paise, and diesel prices are up by 91 paise.
Why Fuel Prices are Rising Again Across India
This is the third increase in rates since May 15, when state-owned oil companies started passing on the elevated energy prices arising from the Middle East conflict in a calibrated manner. Last week, after a Rs 3 hike in fuel prices, government sources told NDTV that India has cut fuel prices four times in the last four years.
The most substantial of these took place on March 27 this year when the Special Additional Excise Duty (SAED) was slashed by Rs 10 per litre, effectively bringing the excise duty on diesel down to nearly zero.
Sector experts and industry executives said incremental fuel price hikes in small doses may continue until oil marketing companies stop incurring revenue losses, estimated at around Rs. 8-10 per litre on petrol and diesel, apart from losses on liquefied petroleum gas (LPG).
Also Read: Delhi CNG Now Above Rs. 80/kg: What the Latest Fuel Hike Means for Drivers
Industry executives and sector analysts said international crude prices will remain elevated above $100 per barrel. As a result, retail fuel prices in India may rise unless crude stabilizes below $100, preferably near the comfort level of $70 in a best-case scenario.
Benchmark Brent crude closed at $103.54 a barrel on Friday (May 23, 2026), up nearly 0.9% from $102.58 the previous day. Since the conflict broke out on February 28, Brent prices have surged by a little over 42%, compared with $72.87 on February 27.
