What is the story about?
Petrol, diesel price today: The prices of petrol and diesel have remained unchanged on Saturday, May 2, 2026, even as global oil markets continue to witness
sharp volatility amid the West Asia conflict. The fuel prices have remained the same despite the price of commercial LPG (19 kg cylinders) being hiked by an average of Rs 933.
Petrol, diesel prices today
On Friday, the government said retail fuel prices will remain unchanged and supply of petrol, diesel and domestic LPG continues to be stable, even as it takes multiple steps to manage disruptions arising from the evolving situation in West Asia.
"Retail pump prices of Petrol, Diesel and domestic LPG (14.2 kg cylinders meant for regular household use) have been kept unchanged," the Ministry of Petroleum and Natural Gas said in a release, while noting that oil marketing companies (OMCs) have undertaken "a calibrated price revision... for a small set of products catering primarily to commercial, industrial and premium segments,” the Ministry of Petroleum and Natural Gas said in a release.
The ministry reiterated that there is no need for panic buying, urging citizens to "avoid panic purchase of petrol, diesel and LPG as the Govt is making all efforts to ensure availability."
Petrol, diesel prices today in Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad
In Delhi, petrol is being priced at Rs 94.72 per litre and diesel costs Rs 87.62 per one litre. In other major cities like - Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad, the rates of petrol and diesel are a bit higher.
New Delhi – Petrol at Rs 94.72, diesel at Rs 87.62
Mumbai – Petrol at Rs 104.21, diesel at Rs 92.15
Kolkata- Petrol at Rs 103.94 and diesel at Rs 90.76
Chennai – Petrol at Rs 100.75 and diesel at Rs 92.
Bengaluru- Petrol at Rs 99.84 and diesel at Rs 85.93
Hyderabad – Petrol at Rs 107.41 and diesel at Rs 95.65
Petrol, diesel hike in the future?
Amid the volatility in the global oil markets due to the West Asia conflict, the key question is whether retail prices of petrol and diesel will also be increased in the near future. For now, oil companies are avoiding hikes due to inflation concerns.
On Friday, government sources, however, said an increase in petrol and diesel prices in the near future is not ruled out as losses mount from a four-year-old freeze in retail rates despite the sharp rise in global crude oil prices.
This week, the international crude oil prices climbed to a four-year high of USD 126 per barrel before cooling down slightly, but remained above USD 110 a barrel as ship transits through the Strait of Hormuz remained restricted and US and Iranian leaders traded barbs amid stalled peace talks.
Government sources said the possibility of a petrol and diesel price hike in the near future is not ruled out.
Earlier in the day yesterday, Indian Oil Corporation (IOC), making a statement on behalf of the industry, said petrol and diesel price as also domestic LPG rates are not being increased despite a surge in international energy cost.
The government sources have signalled that prices of petrol and diesel prices in India may soon increase by Rs 4–5 per litre, while domestic LPG cylinder prices could rise by Rs 40–50.
Analysts had earlier flagged the possibility of price increases of Rs 25-28 per litre after the end of polling for assembly elections in West Bengal on April 29.
Retail petrol and diesel prices have remained frozen since early April 2022 -- a period during which oil prices rose in some months and fell in other times. When prices fell, state-owned oil firms made handsome profits, which they used to set off losses when rates rose.
However, no final decision on the increase in fuel rates has been announced yet, with the government expected to weigh inflation concerns before implementing any increase.
International oil prices spiked after the US and Israel attacked Iran on February 28, and Tehran's sweeping retaliation that effectively shut the Strait of Hormuz -- one of the world's most critical energy arteries, linking the Persian Gulf to global markets and handling roughly a fifth of global oil trade along with significant volumes of liquefied natural gas.
Last week, a senior oil ministry official told a news briefing that state-owned fuel retailers were incurring losses of about Rs 20 per litre on petrol and roughly Rs 100 per litre on diesel as pump prices remained frozen for nearly four years despite a surge in global oil prices. Yet there is no plan to increase prices, she had said.
(With inputs from agencies)
