Petrol and diesel prices across major Indian cities remained unchanged on Friday, May 8, 2026, as market attention focused on the outcome of recent state assembly elections. According to reports, the continued pause in retail fuel prices comes amid heightened political sensitivity around fuel pricing, with rates staying steady despite fluctuations in global crude oil markets. The three major oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) - revise fuel prices daily to align with global crude oil prices and foreign exchange rate movements, but prices have remained stable in recent sessions. The stability was maintained even after the declaration of assembly election results in West Bengal, Assam, Tamil Nadu, Kerala and Puducherry on May 4.
In Delhi, petrol continues to be priced at ₹94.77 per litre, while diesel stands at ₹87.67 per litre. As reported, prices remain higher in Mumbai, where petrol is retailing at ₹103.49 per litre and diesel at around ₹90.03 per litre. 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. According to latest data, Kolkata shows petrol at ₹104.99 per litre and diesel at ₹91.81 per litre, while Chennai records petrol at ₹100.79 per litre and diesel at ₹92.39 per litre. Chandigarh shows petrol at ₹94.24 per litre and diesel at ₹82.40 per litre.
Government sources have not ruled out a possible fuel price hike in the near future as oil marketing companies continue to face mounting losses due to a four-year freeze in retail fuel prices despite the sharp rise in crude oil costs. According to sources, oil marketing companies are currently selling petrol at a loss of around ₹14 per litre and diesel at a loss of nearly ₹18 per litre. In March, the minister had stated that oil marketing companies were incurring losses of around ₹24 per litre on petrol and ₹30 per litre on diesel due to higher crude oil costs. The rise in energy prices follows disruptions in global oil supply chains after the escalation of tensions involving Iran, Israel and the U.S. earlier this year.
Fuel prices in India have remained largely stable over the past few years, with retail fuel prices seeing limited movement since May 2022, when excise duties and state taxes were reduced. According to reports, despite volatility in global crude oil markets, petrol and diesel prices in India have remained largely stable over the past few years. Retail fuel prices are influenced by multiple factors, including global crude oil prices, the rupee–dollar exchange rate, central and state taxes, transportation costs, and demand–supply dynamics. Since India imports a large share of its crude oil, any fluctuation in global prices or currency movements can impact domestic fuel rates. There have been increases in the prices of commercial LPG cylinders due to the increase in the cost of energy globally, with a 19-kg commercial LPG cylinder in Delhi rising by ₹993 to ₹3,071.50, and the 5-kg free trade LPG cylinder increasing by ₹261.
