Monday, May 25, 2026 –
Indians woke up on Monday to their fourth fuel price hike in less than a fortnight, as state-run oil marketing companies raised petrol by ₹2.61 per litre and diesel by ₹2.71 — pushing petrol in Delhi past the ₹100 mark for the first time in this round of revisions, landing at ₹102.12 per litre. Diesel in the capital now stands at ₹95.20. In Mumbai, petrol crossed ₹111.
Across four revisions since May 15, the cumulative increase for both petrol and diesel has reached approximately ₹7.50 per litre. The trigger is unambiguous: the ongoing US-Iran conflict and the closure of the Strait of Hormuz have kept global energy markets volatile and crude prices elevated, with global crude crossing $100 per barrel.
The previous revision was announced on May 23, when petrol was raised by 87 paise and diesel by 91 paise, alongside a CNG hike of ₹1 per kilogram in Delhi. The pattern reveals how India’s oil marketing companies — Indian Oil, BPCL and HPCL — had been absorbing losses for months and are now executing a compressed “catch-up” correction now that revisions have resumed.
India’s structural vulnerability is stark: approximately 85% of its crude oil requirements are imported. The rupee-dollar exchange rate adds to the pain — when the rupee weakens against the dollar, the cost of procuring crude rises, feeding directly into higher retail prices. On top of that, both central and state government taxes account for a large portion of what consumers pay at the pump, which is why rates vary sharply across states.
The political backlash was immediate. The Congress party labelled Prime Minister Modi “Mehangai Man Modi,” accusing the government of raising petrol and diesel by ₹8 in eleven days as the Iran war continues to batter ordinary households. With temperatures nearing 49°C across parts of India, demand for power and fuel is at its peak — making the timing especially punishing for working-class families and the transport sector.
Shares of IOCL, BPCL and HPCL were in sharp focus on Monday’s trading session. More hikes are widely expected unless the global crude situation stabilises — which remains directly contingent on whether an Iran peace deal can be finalised in the coming days.
