Over the past two decades, India has witnessed several major petrol price hikes, driven by global crude oil fluctuations, economic crises, currency depreciation and geopolitical conflicts. How did we get from Rs 34 to over Rs 100 today
Petrol and diesel prices in India have been increased by Rs 3 per litre each, marking the first rate hike in over four years. This decision follows a period of stable prices during recent state elections, despite rising global crude oil prices and significant losses for fuel retailers.
Petrol and diesel prices in India have been increased for the second time in a week, following a long freeze on revisions. The increase comes as global crude prices surge and state-run oil firms look to recoup losses.
Petrol and diesel prices have been increased by Rs 3 per litre each, marking the first hike in over four years, as state-run fuel retailers pass on some of the impact from surging global crude prices, which have been exacerbated by the Iran war.
Petrol price has been increased by 87 paise in Delhi from Rs 98.64 to Rs 99.51 per litre. Diesel rates have gone up by 91 paise from Rs 91.58 to Rs 92.49.
Congress leader Rahul Gandhi on Monday launched a scathing attack on Prime Minister Narendra Modi over the latest fuel hike, saying mehangai manav has struck again and he has just one job of making promises during elections and attacking people's pockets at other times.
The government has dismissed speculation of an imminent increase in petrol and diesel prices, assuring citizens that there are no plans for a hike despite rising crude oil costs.
Petrol price hike will have a cascading effect and prices are going to go out of control.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are reportedly incurring losses of Rs 18 per litre on petrol and Rs 35 per litre on diesel, as they continue to absorb rising crude oil costs without increasing retail prices. This situation is leading to expectations of a fuel price hike after upcoming state elections.
Protest programmes against the hike will be held by Leftist organisations throughout the state from May 26 to May 30 and rallies will be organised on May 31, he said.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
Indian benchmark equity indices, Sensex and Nifty, closed lower due to investor caution over rising bond yields, a weaker rupee, and fresh fuel price hikes, which have revived inflation concerns.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
Bollywood celebrities took to Twitter to vent their ire over the steepest ever hike in petrol prices.
The Indian government has refuted claims of an impending Rs 25-28 per litre hike in petrol and diesel prices post-assembly elections, stating no such proposal is under consideration by the Ministry of Petroleum and Natural Gas.
Petrol and diesel prices in India have seen their fourth increase in less than two weeks, pushing cumulative hikes to nearly Rs 7.5 per litre since May 15, reaching their highest levels since May 2022. This surge, driven by global crude oil costs and the Iran conflict, is expected to exacerbate inflationary pressures and raise transportation costs across the economy.
While corruption and inflation have made life difficult for the common man, the government's decision to hike petrol prices has only added fuel to fire, anti-graft crusader Anna Hazare has said. "My activists will support the Bharat Bandh called by the BJP and Left parties on May 30 to protest the petrol price hike," Hazare said while addressing a public meeting.
State-run Bharat Petroleum Corporation Ltd (BPCL) plans a significant capital expenditure of 25,000 crore for the financial year 2026-27, primarily for ongoing expansion projects. The company also stated that the recent 4-per-litre price hike in petrol and diesel has provided some financial relief amidst volatile crude oil prices and mounting losses.
The Bhartiya Janata Party on Sunday asked the government to unveil a concrete action plan to curb inflation effectively in a month and demanded an immediate roll back in the hike of fuel prices.
The chief minister, however, justified the steep hike saying oil companies were incurring huge losses and the hike was necessary. She was on a private visit to Jammu.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
Key United Progressive Alliance ally Dravida Munnetra Kazhagam on Saturday condemned the petrol price hike and demanded that the government retain its control on the pricing of petroleum products, besides seeking a change in the pricing policy. Party chief M Karunanidhi said the issue had become similar to that of attacks on Tamil Nadu fishermen -- allegedly by the Sri Lankan navy -- with political leaders issuing statements expressing concern during such incidents.
A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight tonight, said a statement by Indian Oil Corporation.
Government sources indicate a potential increase in petrol and diesel prices due to rising global crude oil costs and losses incurred from a prolonged freeze on retail rates.
Apart from the central ministries, other respondents include oil marketing companies, Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
Joining the chorus against the steepest ever hike in petrol price, key United Progressive Alliance partner Dravida Munnettra Kazhagam on Friday announced a state-wide agitation on May 30, demanding a substantial reduction in the increase. The unprecedented increase of Rs 7.5 per litre of petrol has already sparked "spontaneous" protests by people against the government across the country, the party said.
Nayara Energy, a private fuel retailer in India, has increased petrol and diesel prices following a surge in global oil prices due to Middle East tensions. This move contrasts with state-owned retailers who continue to freeze prices.
Fuel being a scarce resource hike in petrol and diesel is a given. But smart stock market investors can still benefit from these regular price hikes.
Here's what your favourite celebrities are tweeting.
Bharat Petroleum Corporation (BPCL) on Tuesday hiked petrol prices by about Rs 2.96 a litre effective midnight tonight, and other state-owned oil companies IOC and HPCL will follow suit on Wednesday.
Aviation fuel prices for domestic airlines remain unchanged, providing stability for local carriers, while commercial LPG and 5-kg cylinders see a significant rate hike due to rising international energy costs.
State-run oil-marketing companies (OMCs) are unlikely to significantly raise petrol and diesel prices despite crude oil nearing $100 a barrel, leading to potential margin pressure, while CLSA analysts project a 65 per cent upside for ONGC's stock.
Petrol and diesel prices on Thursday were hiked by 35 paise per litre each, the second consecutive day of increase that took pump rates across the country to record high levels. The price of petrol in Delhi rose to its highest-ever level of Rs 106.54 a litre and Rs 112.44 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 103.26 a litre; while in Delhi, it costs Rs 95.27 per litre.
Banerjee, the chief of Trinamool Congress, the second major partner of UPA government, however, said her party would not topple the government.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
The hike in prices of petrol and diesel seems to have been put on the backburner with the price of the basket of crude oil that Indian refiners
Petrol price was tonight hiked by about 35 paise per litre in line with firming raw material cost.
A litre of petrol in Delhi will cost Rs 57.31 from Monday.
Fill up the tanks of your cars and scooters before the weekend before petrol prices shoot up.
The Cabinet Committee on Economic Affairs did not take up the issue of hike in petroleum prices on Thursday, Commerce Minister Kamal Nath said.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances