After a Rs 3 per litre hike in petrol and diesel prices on May 15, concerns over another increase have started building as global crude oil prices continue to climb amid the ongoing Middle East conflict. However, oil marketing companies have not announced any fresh revision in fuel rates so far.
Despite Brent crude crossing the $110 per barrel mark, retail fuel prices across major Indian cities have largely remained unchanged on May 18, per a report by NDTV.
Also Read | India-Bangladesh ties ‘depend’ on Ganges treaty, says BNP ahead of 2026 deadline
Fuel rates in major cities
In Delhi, petrol continues to retail at Rs 97.77 per litre, while diesel is priced at Rs 90.67 per litre. Mumbai remains among the costliest metros for fuel, with petrol selling at Rs 106.68 per litre and diesel at Rs 93.14 per litre, per a report by NDTV.
Kolkata recorded petrol prices at Rs 108.70 per litre and diesel at Rs 92.02 per litre. In Chennai, petrol stood at Rs 103.67 per litre, while diesel was priced at Rs 95.25 per litre.
Long queue of cars and auto-rickshaws at a petrol pump as people wait to refill fuel, in Kolkata, on Wednesday. ANI Among other cities, Hyderabad saw petrol prices touch Rs 110.89 per litre and diesel at Rs 98.96 per litre. Bengaluru, Jaipur, Lucknow and Chandigarh also reported no fresh changes in rates.
Crude oil rally keeps markets on edge
Global oil prices have continued their upward movement for a third consecutive session. Brent crude climbed above $110 a barrel after gaining nearly 8 per cent last week, while West Texas Intermediate moved closer to $107.
The surge follows heightened tensions in the Middle East and renewed pressure from US President Donald Trump on Iran to agree to a deal that could ease disruptions in the Strait of Hormuz.
Also Read | CNG prices cross ₹80 in Delhi after second hike in 48 hours; IGL revises rates again
In a social media post on Sunday, Trump said, "For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them. TIME IS OF THE ESSENCE!"
Why fuel prices vary across cities
Petrol and diesel prices in India are influenced mainly by international crude oil prices since crude is the key raw material used in fuel production.
Apart from global oil rates, the rupee-dollar exchange rate also affects fuel costs because India imports a major share of its crude oil requirements. Central excise duty and state-level VAT further impact retail prices, leading to variations across cities.
