Retail fuel prices have risen sharply across much of the world since the escalation of the Middle East conflict on Feb 28, 2026, as the closure of the Strait of Hormuz disrupted shipments through the world's most important oil chokepoint.
Petrol and diesel prices on Friday were hiked by Rs 3 per litre each, marking the first increase in more than four years, as state-run fuel retailers passed on part of the hit from surging global crude prices triggered by the Iran war.
Petrol price in Delhi has been increased to Rs 97.77 per litre from Rs 94.77 while diesel now costs Rs 90.67 as against Rs 87.67 per litre previously.
India in Comparative Perspective
Until May 15, 2026, the public sector oil marketing companies, which together command about 90% cent of the retail market, had held petrol and diesel prices essentially unchanged from their Feb 23, 2026 levels, absorbing the cost of crude at refinery gate and accumulating daily under-recoveries reported at around one thousand crore rupees.
The Rs 3-per-litre increase for both petrol and diesel marks India's first fuel price revision in nearly four years. Against the Feb 23 baseline, the rise works out to roughly 3.5%.
| Retail price change, Feb 23, 2026 to May 15, 2026 | ||
| Country | Petrol | Diesel |
| Myanmar | 89.70% | 112.70% |
| Malaysia | 56.30% | 71.20% |
| Pakistan | 54.90% | 44.90% |
| United Arab Emirates | 52.40% | 86.10% |
| United States | 44.50% | 48.10% |
| Philippines | 40.60% | 53.80% |
| Sri Lanka | 38.20% | 41.80% |
| Nepal | 38.20% | 58.50% |
| South Africa | 33.10% | 63.60% |
| Canada | 31.90% | 32.80% |
| New Zealand | 30.70% | 88.60% |
| Thailand | 29.70% | 32.40% |
| Belgium | 25.30% | 30.90% |
| Vietnam | 23.80% | 50.60% |
| China | 21.70% | 23.70% |
| France | 20.90% | 31.00% |
| United Kingdom | 19.20% | 34.20% |
| South Korea | 19.00% | 26.20% |
| Australia | 18.50% | 43.10% |
| Bangladesh | 16.70% | 15.00% |
| Italy | 15.40% | 19.80% |
| Germany | 13.70% | 19.80% |
| Singapore | 12.70% | 64.70% |
| Japan | 9.70% | 11.20% |
| Saudi Arabia | 0.00% | 0.00% |
| India | 3.20% | 3.40% |
Source: Global Petrol Prices.com weekly retail data, country-level changes from Feb 23, 2026 to May 11, 2026.
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India's Revision Compared With Others
Myanmar, Malaysia, Pakistan and the United Arab Emirates have all seen petrol prices rise by more than half from pre-war levels. Diesel prices have climbed even more sharply in several markets, reflecting their closer link to freight and global trade.
Pakistani consumers are now paying around 55% more for petrol than they were three months ago. Malaysian petrol prices are up about 56%, while prices in the UAE have risen by roughly 52%.
US petrol prices have risen by nearly 45%, reflecting the country's relatively quick pass-through from crude markets to retail pumps because fuel taxes are lower than in Europe. US diesel prices are up about 48%.
Petrol prices are up around 19% in the United Kingdom, 14% in Germany and 21% in France. Diesel has risen more sharply, gaining about 34% in the UK, 20% in Germany and 31% in France.
Japan, South Korea and Singapore have kept petrol increases below 20%, while Singapore has recorded a diesel price jump of about 65%.
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