Indian consumers are seeing mostly stable petrol and diesel prices today, May 22, 2026, after oil companies implemented two price increases within the past week. The latest revisions on Monday pushed petrol in New Delhi up by 87 paise to ₹98.64 per litre, while diesel rose by 91 paise to ₹91.58 per litre.
Global Volatility Impacts Domestic Fuel Rates
The fluctuating global crude oil markets are a primary driver behind these price adjustments. Ongoing geopolitical tensions in West Asia and disruptions to shipping traffic through the critical Strait of Hormuz are contributing to this instability, directly affecting the cost of imported crude for India.
Despite the recent hikes, prices in several major cities have settled, though some regions continue to experience elevated rates. Mumbai residents are paying ₹107.59 per litre for petrol and approximately ₹94.08 per litre for diesel. Meanwhile, Hyderabad has seen petrol cross the significant ₹111 per litre threshold, reaching ₹111.84, with diesel nearing ₹100 at ₹99.95 per litre.
City-Wise Fuel Prices on May 22, 2026
- Delhi: Petrol ₹98.64/litre, Diesel ₹91.58/litre
- Mumbai: Petrol ₹107.59/litre, Diesel ₹94.08/litre
- Kolkata: Petrol ₹109.66/litre, Diesel ₹96.07/litre
- Chennai: Petrol ₹104.51/litre, Diesel ₹96.13/litre
- Hyderabad: Petrol ₹111.84/litre, Diesel ₹99.95/litre
- Bengaluru: Petrol ₹107.14/litre, Diesel ₹95.04/litre
Factors Influencing Fuel Costs in India
Retail fuel prices at the pump are a complex result of several interconnected factors. The international price of crude oil is the most significant component, as India heavily relies on imports. The exchange rate between the Indian Rupee and the US Dollar also plays a crucial role; a weaker rupee increases the cost of crude procurement, which can lead to higher retail prices.
Additionally, central and state government taxes constitute a substantial portion of the final price, explaining why fuel rates vary considerably across different states. Transportation costs and local demand-supply dynamics further contribute to the final price consumers pay.