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India keeps petrol and diesel prices unchanged despite volatile global oil and Middle East tensions, but sharply hikes 19 kg commercial LPG rates, hitting businesses
Petrol, Diesel price today
Petrol, Diesel Prices on May 3, 2026: Petrol and diesel prices in India remained unchanged on May 2, 2026, even as global oil markets continue to witness sharp volatility amid geopolitical tensions in West Asia.
However, in contrast, prices of 19-kg commercial LPG cylinders have been sharply increased from May 1, impacting businesses and industrial users, while retail fuel rates continue to remain steady.
Oil marketing companies (OMCs) revise fuel prices daily at 6 am, aligning them with movements in global crude oil prices and currency exchange rates.
The daily revision mechanism is aimed at improving transparency and ensuring consumers receive the most up-to-date retail fuel prices. However, despite fluctuations in international oil markets, the government has indicated that petrol and diesel prices are likely to remain stable for now, with OMCs absorbing part of the volatility to avoid sudden shocks for consumers.
Global Oil Volatility Amid Middle East Tensions
Global crude oil prices have been highly volatile due to the ongoing conflict in the Middle East involving Iran, Israel, and the United States. The situation has raised concerns over disruptions to shipments through the Strait of Hormuz, a key energy route that handles nearly 20% of global oil supply.
Despite these uncertainties, Indian authorities have signalled that domestic fuel prices will remain steady in the near term, offering relief to consumers and helping contain inflationary pressures.
Petrol, Diesel Price Today in India
Here are the petrol and diesel prices across major Indian cities on May 2, 2026:
| City | Petrol (Rs/L) | Diesel (Rs/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
While retail fuels remain stable, commercial LPG prices have seen a sharp hike from May 2. The increase impacts bulk users such as hotels, restaurants, and small businesses, reflecting rising global energy costs.
Why Fuel Prices Differ Across Cities
Petrol and diesel prices in India have largely remained unchanged since May 2022 following tax cuts by the central and several state governments.
While fuel prices are linked to global crude oil rates, they are also influenced by factors such as taxes, exchange rates, and local levies, which vary across states and cities.
Premium Fuel Prices Increased
On April 1, Indian Oil raised the price of its premium XP100 petrol by Rs 11 per litre to Rs 160 from Rs 149 earlier. The high-octane fuel is mainly used in luxury vehicles and high-performance bikes.
The premium diesel variant Xtra Green has also been revised to Rs 92.99 per litre from Rs 91.49 earlier.
Private Players Raise Prices
Private fuel retailers have started increasing prices. Shell India raised petrol and diesel prices on April 1 following a similar move by Nayara Energy, as higher crude prices impacted margins.
In Bengaluru, petrol prices rose by Rs 7.41 per litre. The regular variant now costs Rs 119.85 per litre, while the premium variant is priced at Rs 129.85.
Diesel prices saw a sharper increase of Rs 25.01 per litre. The standard diesel is now priced at Rs 123.52, while the premium variant costs Rs 133.52.
Will Regular Fuel Prices Rise?
The key question remains whether regular petrol and diesel prices will also be increased. For now, oil companies are avoiding hikes due to inflation concerns.
However, with rising global crude prices and a weakening rupee, pressure is building on companies such as BPCL, HPCL, and IOCL. If crude prices remain elevated, price revisions may become unavoidable.
Key Factors Influencing Fuel PricesCrude oil prices:
The primary driver of petrol and diesel rates globally.
Exchange rate: A weaker rupee increases import costs for crude oil.
Taxes: Central excise duty and state VAT significantly impact retail prices.
Refining costs: Costs involved in processing crude oil into fuel.
Demand and supply: Market dynamics also influence pricing trends.
How to Check Petrol, Diesel Prices via SMS
Indian Oil: Send city code + RSP to 9224992249
BPCL: Send RSP to 9223112222HPCL: Send
HP Price to 9222201122
These services allow users to quickly access the latest fuel prices without visiting fuel stations.
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