Indian consumers woke up to a familiar headline on May 1, 2026: petrol and diesel prices remain unchanged despite crude oil prices surging to around $126 per barrel, up sharply from about $73 per barrel before the onset of the ongoing geopolitical conflict. According to reports from ABP Live Business, Moneycontrol, and The Times of India, state-run oil marketing companies (OMCs), led by Indian Oil Corporation (IOC), confirmed that there has been no revision in retail fuel prices, even as global energy markets remain volatile. The government has also reiterated that there is currently no proposal to increase fuel prices, aiming to calm speculation around a potential hike after recent elections. As per IndianOil, retail prices of petrol and diesel remained unchanged for consumers, who account for nearly 90 per cent of total consumption, while prices of domestic LPG (14.2-kg cylinders) for about 33 crore consumers have not been altered. The continued pause in retail fuel prices comes even as global crude oil prices have surged sharply in recent weeks, touching multi-year highs amid ongoing geopolitical tensions.
Officials have stressed that fuel supplies remain stable and there is no cause for concern. The Petroleum Ministry confirmed that LPG, petrol, and diesel are available in adequate quantities, and consumers should not panic amid rumours of shortages or price increases. The Press Information Bureau (PIB) also dismissed viral claims of a sharp price hike of up to ₹12.50 per litre on Thursday, calling them fake and clarifying that no such directive has been issued. These measures are aimed at managing domestic availability and pricing stability amid global supply disruptions. Holding rates steady offers some relief and helps contain broader price pressures in the economy, particularly important given that fuel costs play a crucial role in transportation and logistics.
While retail prices remain steady, the government has revised export levies on petroleum products for the fortnight starting May 1, 2026. According to ABP Live Business and The Times of India, the duty on diesel exports has been set at ₹23 per litre, and aviation turbine fuel (ATF) at ₹33 per litre, while petrol exports remain duty-free. The finance ministry confirmed there will be no change in excise duties on petrol and diesel meant for domestic consumption. The special additional excise duty on diesel exports has been reduced from ₹55.5 per litre to ₹23 per litre, and on ATF from ₹42 per litre to ₹33 per litre. The road and infrastructure cess on diesel exports will also be nil for the next fortnight. These measures are aimed at managing domestic availability and pricing stability amid global supply disruptions.
In contrast to stable petrol and diesel prices, commercial LPG cylinders have become significantly more expensive. As reported by ABP Live Business and The Times of India, the price of a 19 kg commercial LPG cylinder has increased by around ₹993, with rates now at ₹3,071.5 in Delhi. Kolkata recorded the steepest increase, with prices rising by ₹994 to ₹3,202, while Mumbai saw prices climb by ₹993 to ₹3,024. Chennai recorded a rise to ₹3,237, though there has been no change in the price of domestic LPG cylinders, offering relief to household consumers. The 5 kg free trade LPG cylinder has also been hiked by ₹261. According to IndianOil, prices of bulk and commercial LPG cylinders (less than 1 per cent of total consumption) have been revised, while bulk diesel and ATF for international airline operations have been increased. The price revisions have been limited to select industrial segments, which account for a relatively small share of consumption and are subject to routine monthly adjustments based on global benchmarks.
Petrol prices remained largely stable across major cities, with New Delhi at ₹94.77, Kolkata at ₹105.41, Mumbai at ₹103.54, Chennai at ₹101.06, Gurugram at ₹95.30, Noida at ₹94.77, Bengaluru at ₹102.96, and Hyderabad at ₹107.46. Diesel rates also held steady across most urban centres, with New Delhi at ₹87.67, Kolkata at ₹92.02, Mumbai at ₹90.03, Chennai at ₹92.61, Gurugram at ₹87.77, Noida at ₹87.89, Bengaluru at ₹90.99, and Hyderabad at ₹95.70. Among major metro cities, petrol prices remain above ₹100 per litre in most locations, including Mumbai, Bengaluru, Hyderabad and Kolkata, while diesel prices continue to remain below the ₹100 mark. Only minor fluctuations were recorded in a few cities, reflecting marginal adjustments linked to global price movements. In Chennai specifically, petrol held steady at around ₹100.7 per litre while diesel remained close to ₹92.3 per litre, with no revision reported from April 30 levels.
