Petrol, Diesel Prices Hiked by ₹3/Litre Amid Global Oil Crisis; PM Modi Had Earlier Urged Fuel Conservation
Fuel prices see a sharp rise following Prime Minister Narendra Modi’s appeal for cautious fuel usage amid Middle East tensions and growing pressure on oil companies.
New Delhi, May 15, 2026: Fuel prices across India have witnessed a sharp increase as petrol and diesel rates were raised by ₹3 per litre on Friday, intensifying inflation concerns among citizens. The price revision comes days after Prime Minister Narendra Modi urged people to use fuel cautiously amid rising global tensions and an ongoing energy crisis.
The latest hike comes amid escalating tensions in the Middle East, particularly involving the United States and Iran around the Strait of Hormuz, a key global oil transit route. Rising crude oil prices have increased pressure on India’s fuel sector, prompting oil companies to revise retail rates.
Following the price revision effective May 15, 2026, petrol prices have increased to ₹97.77/litre in Delhi, ₹108.74 in Kolkata, ₹106.68 in Mumbai, and ₹103.67 in Chennai. Diesel prices have also risen significantly, reaching ₹90.67/litre in Delhi, ₹95.13 in Kolkata, ₹93.14 in Mumbai, and ₹95.25 in Chennai.
State-owned oil firms — Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited — were reportedly facing heavy losses while maintaining previous fuel prices despite increasing global energy costs.