Petrol, diesel prices hiked: Check fuel rates in Delhi, Mumbai, Bengaluru, Kolkata on 15 May

Petrol and diesel prices were hiked by ₹3 per litre across India on Friday, as state-run oil marketing companies revised retail fuel rates amid rising global crude prices and growing energy security concerns triggered by the continuing conflict in West Asia. The increase pushed petrol prices from ₹94.77 to ₹97.77 per litre and diesel prices from ₹87.67 to ₹90.67 per litre in New Delhi, intensifying inflation worries for consumers and businesses.

The situation has drawn greater attention after Prime Minister Narendra Modi, in recent public remarks, urged citizens to conserve fuel, reduce unnecessary consumption and avoid wastage. The PM also advised people to cut edible oil consumption and postpone non-essential gold purchases, comments that have fuelled speculation over possible demand-management measures if the crisis worsens.

However, the government has not announced any fuel rationing or consumption-control measures so far. Officials have also not indicated any immediate plans for a nationwide revision in retail fuel prices despite rising pressure from global crude markets.

India imports more than 85% of its crude oil requirements, making the country particularly vulnerable to disruptions in global supply chains and spikes in international oil prices. Concerns have also emerged around shipping routes in the region, especially the Strait of Hormuz, a critical transit corridor for global crude supplies.

Despite the global uncertainty, petrol and diesel prices in Indian cities have remained broadly stable over recent weeks. Fuel rates vary across states depending on local taxes and levies, but there has been no major nationwide price revision by OMCs.

According to a PTI report, state-run oil marketing companies may be absorbing part of the pricing pressure to shield consumers from sharp increases in retail fuel prices. Rising crude oil prices typically reduce the profitability of state-run fuel retailers when pump prices are not adjusted in line with global prices.

The developments have also renewed focus on India’s energy security strategy and efforts to reduce dependence on imported crude oil. The government has, in recent years, pushed for greater adoption of ethanol blending, electric mobility and alternative fuels as part of broader energy diversification plans.

Meanwhile, the ongoing conflict in West Asia has kept global energy markets volatile, with fears that any further escalation could disrupt crude oil supplies and raise fuel prices worldwide, including in India.

For now, retail fuel prices remain steady, but concerns over supply risks, import costs and global crude movements continue to keep the energy sector on edge.