India saw petrol and diesel prices rise by around 5 per cent despite global crude volatility and the Strait of Hormuz crisis, far lower than increases recorded across several major economies.
India has recorded one of the smallest increases in petrol and diesel prices globally despite sharp volatility in crude oil markets triggered by the West Asia crisis and disruptions around the Strait of Hormuz.
Retail fuel prices in India rose by around 5 per cent during the recent phase of global energy turmoil, significantly lower than hikes witnessed across Asia, Europe and North America.
Oil marketing companies, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) revised prices in phases on May 15, 19 and 23, increasing petrol prices by about Rs 4.74 per litre and diesel by around Rs 4.82 per litre.
The revisions came after nearly 76 days during which domestic fuel prices remained largely unchanged despite major fluctuations in international crude prices.
Myanmar recorded an increase of nearly 90 per cent in petrol prices and over 112 per cent in diesel prices. Malaysia saw petrol prices rise by more than 56 per cent and diesel by over 71 per cent, while Pakistan witnessed increases of nearly 55 per cent in petrol and 45 per cent in diesel prices.
Among developed economies, the United States recorded increases of around 44.5 per cent in petrol and 48.1 per cent in diesel prices. In the United Kingdom, petrol prices rose by over 19 per cent and diesel by more than 34 per cent. France saw petrol prices rise by about 21 per cent and diesel by 31 per cent.
Neighbouring countries also experienced steeper hikes than India. Nepal recorded a rise of over 38 per cent in petrol prices and nearly 59 per cent in diesel prices, while Sri Lanka saw increases of more than 38 per cent and 41 per cent respectively.
In Asia, China reported petrol price increases of over 21 per cent and diesel increases of around 24 per cent, while South Korea witnessed hikes of 19 per cent in petrol and 26 per cent in diesel prices.
By comparison, India’s petrol prices rose by around 5 per cent and diesel prices by about 5.3 per cent during the period, making it one of the lowest increases among major fuel-importing economies.
India absorbed a significant portion of the increase in crude oil costs through excise duty cuts and by limiting pass-through to consumers.
The Centre had earlier reduced excise duties on petrol and diesel multiple times since 2021, including a cut of Rs 10 per litre on both petrol and diesel, in March 2026, ahead of the Hormuz disruption, which helped moderate the impact of rising crude prices on consumers.
International crude oil prices had surged amid tensions in West Asia and concerns over supply disruptions through key global shipping routes, leading to higher fuel costs worldwide.
With inputs from agencies
First Published:
May 23, 2026, 18:48 IST
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