India recorded one of the smallest fuel price increases globally during the recent West Asia crisis, with cumulative hikes of around 5% despite rising global crude oil prices. According to reports from The Hindu BusinessLine, the recent phased revisions by oil marketing companies (OMCs) raised petrol prices by ₹4.74 per litre and diesel prices by ₹4.82 per litre through revisions on May 15, 19 and 23. This increase came after nearly 76 days during which domestic fuel prices were largely held steady despite volatility in international crude markets.
The contrast with international markets was stark, as reported by The Hindu BusinessLine. Myanmar recorded increases of nearly 90% in petrol prices and over 112% in diesel prices, while Malaysia saw petrol prices rise by more than 56% and diesel by over 71%. Pakistan witnessed increases of nearly 55% in petrol and 45% in diesel prices, and neighbouring Nepal recorded a rise of over 38% in petrol prices and nearly 59% in diesel prices. Among developed economies, the United States recorded increases of around 44.5% in petrol and 48.1% in diesel prices, while the United Kingdom saw petrol prices rise by over 19% and diesel by more than 34%. France also saw petrol prices rise by about 21% and diesel by 31% during the same period.
India absorbed a significant portion of the increase in crude oil costs through strategic government measures, as reported by The Hindu BusinessLine. The Centre had earlier reduced excise duties on petrol and diesel multiple times since 2021, including a cut of ₹10 per litre on both petrol and diesel in March 2026, ahead of the Hormuz disruption, which helped moderate the impact of rising crude prices on consumers. This proactive approach by the government contributed to India's ability to maintain relatively stable fuel prices during the global crisis.
Asian markets also experienced significant fuel price increases, with China reporting petrol price increases of over 21% and diesel increases of around 24%, while South Korea witnessed hikes of 19% in petrol and 26% in diesel prices, according to The Hindu BusinessLine. Sri Lanka saw increases of more than 38% and 41% respectively in petrol and diesel prices, demonstrating the widespread impact of the West Asia crisis on fuel markets across the region. By comparison, India's petrol prices rose by around 5% and diesel prices by about 5.3%, making it one of the lowest increases among major fuel-importing economies.
