Fuel Shock: Petrol and Diesel Prices Hiked by ₹3 Per Litre; PM Appeals for Fuel Conservation  

New Delhi : Ending days of hiatus on price revisions, state-owned oil marketing companies (OMCs) have announced a sharp increase in the retail prices of petrol and diesel. Effective Friday, May 15, 2026, fuel prices across the country have been hiked by ₹3 per litre, a move triggered by soaring global crude oil rates and geopolitical instability in West Asia.

National Capital Braces for Impact

In Delhi, the price of petrol has jumped to ₹97.77 per litre (from ₹94.77), while diesel now costs ₹90.67 per litre (up from ₹87.67). Other major metros saw even steeper adjustments due to local taxes:

• Mumbai: Petrol reached ₹106.68/litre (up ₹3.14); Diesel at ₹93.14/litre.
• Kolkata: Petrol climbed to ₹108.74/litre (up ₹3.29); Diesel at ₹95.13/litre.
• Chennai: Petrol rose to ₹103.11/litre; Diesel reached ₹95.25/litre.

Global Crisis and “Under-Recoveries”

The price revision comes as the ongoing Middle East conflict and disruptions in the Strait of Hormuz have pushed global crude prices from $70 to nearly $126 per barrel. Industry experts noted that despite today’s ₹3 hike, OMCs like IOCL, BPCL, and HPCL are still absorbing significant losses—estimated at nearly ₹1,000 crore per day—as the current retail adjustment is far below the ₹20–₹25 per litre increase required to achieve parity with international rates.

PM Modi’s “Fuel-Saving” Appeal

Amidst the price hike, Prime Minister Narendra Modi has made a direct appeal to the nation to curb fuel consumption. The government is encouraging citizens and businesses to adopt sustainable measures to limit the economic fallout of the energy crisis, including:

• Transitioning to Work from Home (WFH) where feasible.
• Conducting online meetings and digital classes for schools.
• Increasing the use of Electric Vehicles (EVs) and public transport.

Government Assures Stability

Despite the hike and reports of panic buying at several fuel stations across the country, the Ministry of Petroleum and Natural Gas has assured the public that there is no fuel shortage. Officials stated that India maintains approximately 60 days of national fuel stocks and emphasized that there are currently no plans for fuel rationing.

The sudden hike is expected to exert inflationary pressure on essential commodities, particularly dairy and FMCG products, as transportation costs rise. Economists suggest this may be the first in a series of calibrated hikes if global crude prices remain elevated.