Petrol and diesel prices were raised across India for the third time in 10 days on Saturday, 23 May, as state-owned oil marketing companies continued to pass on the impact of rising global crude oil costs and geopolitical tensions in West Asia. Petrol became costlier by ₹0.87 per litre, while diesel prices climbed by ₹0.91 per litre in the latest revision.

City-Wise Price Impact

In New Delhi, petrol prices moved from ₹98.64 to ₹99.51 per litre, while diesel rose from ₹91.58 to ₹92.49 per litre. The revision was uniform across cities, reflecting a nationwide adjustment rather than a localised correction.

In Mumbai, petrol now stands at ₹108.49 per litre and diesel at ₹95.02 per litre. Kolkata saw petrol reach ₹110.64 per litre and diesel climb to ₹97.02 per litre following the hike.

Pattern of Repeated Hikes

This is the third upward revision in just 10 days. Earlier, on 16 May, petrol and diesel rates had risen by approximately ₹3 per litre in several cities — a sharper single-day adjustment that set the tone for subsequent incremental increases. The cumulative effect on household budgets and logistics costs is growing with each revision.

Government's Position on Supply

A day before Saturday's hike, the Ministry of Petroleum and Natural Gas issued a public statement asserting that fuel availability across the country remains stable. The ministry urged citizens to avoid panic buying or unnecessary crowding at fuel stations, adding that any localised pressure at select retail outlets is being managed through continuous monitoring and coordinated distribution by oil marketing companies.

The ministry also emphasised that 'responsible consumption and public cooperation are essential' to ensure smooth fuel availability during the ongoing period of high demand and global uncertainty.

Economic Concerns and Broader Impact

Experts have warned that sustained fuel price increases risk a cascading effect on the broader economy. Higher transportation and logistics costs typically feed into prices of essential goods and services, adding to inflationary pressure at a time when operational costs for businesses and transport operators are already elevated.

Government officials, however, maintain that the revisions are necessary to offset rising import costs and sustain fuel supply stability amid volatile global crude oil markets. With geopolitical uncertainty in West Asia showing no clear sign of easing, further price adjustments cannot be ruled out in the weeks ahead.