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Fuel prices across India remained unchanged on May 24, offering temporary relief to consumers despite continued volatility in global crude oil markets. Even as international oil prices fluctuate due to rising geopolitical tensions and supply concerns in the Middle East, domestic petrol and diesel rates have not been revised for now.

According to market experts, oil marketing companies are currently trying to shield consumers from additional inflation pressure by keeping retail fuel prices stable. However, reports suggest that petroleum companies are still facing heavy losses on petrol and diesel sales, estimated at nearly ₹8 to ₹10 per litre in some cases.

The pressure on fuel companies has increased due to rising crude oil costs, transportation expenses, refining charges, and global supply uncertainty.

Fuel Prices Stable Despite Global Market Turbulence

The international crude oil market continues to remain highly unstable due to tensions involving Iran, Israel, and the United States. Investors and energy traders are particularly concerned about the Strait of Hormuz, one of the world’s most important oil transportation routes through which nearly 20% of global crude supply passes.

Any disruption in the region could significantly affect global oil prices and fuel costs worldwide.

Despite these uncertainties, the Indian government and oil marketing companies have currently avoided another fuel price hike in an effort to reduce the burden on consumers and control inflation.

Experts say stable fuel prices are especially important for:

• Transportation companies
• Logistics businesses
• Daily commuters
• Small traders
• Agriculture and supply chains

because fuel costs directly impact the prices of goods and services across the economy.

Oil Companies Update Rates Daily

In India, oil marketing companies revise petrol and diesel prices every day at 6 AM based on:

• International crude oil prices
• Dollar-rupee exchange rate
• Import costs
• Transportation and refining expenses
• State-level taxes and duties

This pricing mechanism is intended to maintain transparency and align domestic rates with market conditions.

Latest Petrol and Diesel Prices in Major Cities

Here are the updated fuel rates for May 24, 2026:

City	Petrol Price (₹/Litre)	Diesel Price (₹/Litre)
New Delhi	₹99.51	₹92.49
Mumbai	₹108.49	₹95.02
Kolkata	₹110.64	₹97.02
Chennai	₹105.31	₹96.98
Gurugram	₹100.37	₹92.93
Noida	₹99.51	₹91.93
Bengaluru	₹108.09	₹95.99
Bhubaneswar	₹106.18	₹97.80
Chandigarh	₹98.97	₹86.94
Hyderabad	₹112.81	₹100.94
Jaipur	₹109.84	₹95.05
Lucknow	₹99.26	₹92.64
Patna	₹110.47	₹96.53
Thiruvananthapuram	₹112.64	₹101.55

Commercial LPG Cylinder Prices Increased

While petrol and diesel rates remained stable, prices of 19-kg commercial LPG cylinders have been increased recently.

The hike is expected to impact:

• Hotels
• Restaurants
• Catering businesses
• Small food outlets
• Commercial kitchens

Industry groups say higher commercial LPG costs could eventually affect food prices and operational expenses for small businesses.

Why Fuel Prices Differ Across Cities

Petrol and diesel prices vary from city to city in India because several factors influence the final retail rate.

Key Reasons Behind Price Differences

• Central government excise duty
• State VAT and local taxes
• Transportation and freight costs
• Dealer commission
• Currency exchange rates
• Local municipal charges

States with higher local taxes generally witness more expensive fuel prices.

Premium Fuel Prices Also Increased

Reports indicate that premium fuels such as:

• XP100 petrol
• Xtra Green diesel

have also witnessed price increases in several regions.

These premium fuels are commonly used in:

• Luxury vehicles
• High-performance cars
• Specialized engines

Private Fuel Companies Also Raised Prices

Private fuel retailers including Shell and Nayara Energy have reportedly revised fuel prices upward in some locations.

Cities like Bengaluru have seen sharper increases in premium fuel categories offered by private companies.

What Could Happen Next?

Analysts say the future direction of petrol and diesel prices will depend heavily on:

• Global crude oil prices
• Middle East tensions
• Rupee-dollar movement
• International supply disruptions
• Government tax policies

If crude oil prices continue rising or geopolitical tensions intensify further, fuel prices in India could face upward pressure in the coming weeks.

How to Check Fuel Prices Through SMS

Customers can also check the latest fuel rates through SMS services provided by oil companies:

• IOC: Send CITY CODE + RSP to 9224992249
• BPCL: Send RSP to 9223112222
• HPCL: Send RSP to 9222201122

These services provide updated petrol and diesel prices directly on mobile phones.

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