Today, on May 7, 2026, there was no change in the prices of petrol and diesel in many major cities of India. As a result, the current phase of stability in fuel prices continues. Despite fluctuations in global crude oil markets and changes in exchange rates, retail fuel prices in the country have remained stable. There has been no immediate change in the prices of petrol and diesel in big cities.
India’s three major oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) – revise fuel prices daily in line with global crude oil benchmarks and foreign currency exchange rates. However, prices have remained stable for the last few days.
Petrol crosses ₹100 level
Petrol price in Delhi remains at ₹94.77 per litre, while diesel price remains at ₹87.67 per litre. In contrast, prices are higher in Mumbai, where petrol is selling at ₹103.54 per liter and diesel at around ₹90.03 per litre. Petrol prices remain above the ₹100 per liter mark in most major metros like Mumbai, Bengaluru, Hyderabad and Kolkata, while diesel prices remain below the ₹100 mark.
Prices stable from May 2022
Despite volatility in global crude oil markets, petrol and diesel prices in India have remained largely stable over the past few years. From May 2022, there has been no significant change in petrol and diesel prices across India. Meanwhile, prices remained stable for a long time following excise duty cuts (₹8 on petrol and ₹6 on diesel) implemented by the central government.
Retail fuel prices are influenced by many factors, including global crude oil benchmarks, exchange rates between the rupee and the dollar, central and state taxes, transportation costs and demand and supply dynamics. Given that India imports a large part of its crude oil, any fluctuations in global prices or changes in exchange rates could impact domestic fuel prices.