Indian state-owned fuel retailers raised petrol and diesel prices for the third time this month on Saturday, dealers said, as the companies look to recoup losses caused by elevated crude oil prices amid the Iran war.
Petrol in New Delhi will cost 0.87 rupees more at Rs 99.51 a litre, while diesel rises 0.91 rupees to Rs 92.49 a litre, according to dealers. Across the three increases since May 15 — when India lifted retail fuel prices for the first time in four years — pump prices have moved up by roughly Rs 5 a litre.
India, the world’s third-largest oil importer and consumer, was one of the last major economies to lift retail fuel prices after the US-Israeli war on Iran triggered a global price surge.
Bharat Petroleum (BPCL), one of India’s three dominant state refiners, continues to incur a revenue loss of Rs 25 to 30 a litre on diesel and Rs 10 to 14 a litre on petrol despite the higher prices, the report said. The oil ministry has signalled there are no plans to provide financial support for refiners.
Sources at the refiners said further price increases were needed to recoup losses. The staggered approach mirrors the April 2022 pattern when retailers delayed hikes until after state elections. Opposition parties have said Prime Minister Narendra Modi’s government postponed the current rounds to influence recent state polls.
BPCL, Indian Oil Corporation and Hindustan Petroleum together control more than 90% of a network of 103,000 fuel stations and tend to move prices in tandem.
The Indian retail revisions matter for Sri Lanka, where India has been a key fuel supplier during the Hormuz crisis. Sri Lanka’s own oil import bill rose to US$521 million in May, more than three times the December 2025 level, according to Deputy Finance Minister Anil Jayantha.
