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India raises diesel, petrol prices for third time in 8 days, amid tense US-Iran ceasefire

India’s state-run refiners raised retail prices again of diesel and petrol on Saturday to help processors cut losses on discounted sales and to control a…

By Samantha Johnson / May 23, 2026

India’s state-run refiners raised retail prices again of diesel and petrol on Saturday to help processors cut losses on discounted sales and to control a spike in demand.

Prices of both fuels rose by nearly one per cent, or less than 1 rupee, with petrol now sold at 99.51 rupees (US$1.0399) and diesel at 92.49 rupees per litre in New Delhi, according to the website of Indian Oil Corporation, the country’s largest fuel retailer. Prices vary across India due to local taxes.

Smaller peers Bharat Petroleum Corp Limited (BPCL) and Hindustan Petroleum Corp Limited have also raised prices in the same range.

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This marks the third increase in just over a week, bringing cumulative hikes in India’s diesel prices to 5.5 per cent and petrol prices to five per cent.

Vessels are seen off the coast of the United Arab Emirates on Thursday. Iran’s new body overseeing the Strait of Hormuz said its claimed area of control extends to Emirati waters. Photo: via TNS
Vessels are seen off the coast of the United Arab Emirates on Thursday. Iran’s new body overseeing the Strait of Hormuz said its claimed area of control extends to Emirati waters. Photo: via TNS

Indraprastha Gas also raised prices of compressed natural gas by one per cent across all areas it serves, a company spokesperson said.

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