India sees minimal fuel price hike amid global surge triggered by West Asia crisis
New Delhi, May 23
While several countries across the world witnessed sharp increases in petrol and diesel prices following the West Asia crisis and disruption around the Strait of Hormuz, India recorded one of the smallest increases in retail fuel prices, with cumulative hikes of around 5 per cent despite rising global crude oil prices.
The recent phased revisions by oil marketing companies (OMCs) -- Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited -- raised petrol prices by about Rs 4.74 per litre and diesel prices by about Rs 4.82 per litre through revisions on May 15, 19 and 23.
The increase came after nearly 76 days during which domestic fuel prices were largely held steady despite volatility in international crude markets.
Globally, however, fuel prices rose sharply during the same period.
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.
— ANI
Reader Comments
Finally some good news for our pockets! While other countries are reeling under huge price jumps, we're relatively cushioned. The excise duty cuts are a welcome move. Hope the government keeps this up and maybe even reduces the base price eventually. Kash aisa hi hota har baar! 🙏
It's great India managed to keep the hike minimal compared to neighbors like Pakistan and Nepal. But remember, even a 5% hike on already high prices means hundreds of rupees extra per month for families. The government should look at more long-term solutions like boosting renewable energy to reduce our crude dependence. 🇮🇳
I appreciate the effort, but why did they wait 76 days? The hikes should have been more gradual and transparent. And while the percentage looks small, the actual rupee increase—₹4.74 per litre—still adds up for daily commuters. We need more investment in public transport to truly reduce the burden.
Salute to the oil marketing companies and government for absorbing the shock! Meanwhile, countries like Myanmar and Malaysia are facing 50-90% hikes. Proud that India's economic management is mature enough to shield us from such volatility. Now if only we could also solve pollution... baby steps. 🚗💨
All this comparison is fine, but the base price in India is already among the highest in the world. A 5% hike on a high base is not a victory. However, credit where due—the government did make the right call with excise cuts. Let's also think about electric vehicles and carpooling to reduce demand.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.