India raised retail petrol and diesel prices by approximately ₹7 per litre [1] earlier this month.

These adjustments follow a period of extreme volatility in global crude oil markets. The price hikes signal the end of a government-led effort to shield consumers from rising costs, though officials said the impact remains manageable compared to other nations.

A spokesperson for the Ministry of Petroleum and Natural Gas said the recent hike is the fourth in 10 days, ending a 78-day freeze on fuel prices [3]. The increase represents a rise of under 4.5% [2]. In Delhi, petrol prices have crossed the ₹100 per litre mark for the first time [4].

The price changes affected major cities across the country, including Mumbai, Chennai, Kolkata, Bengaluru, Noida, and Gurgaon [2]. The government said the necessity of the hikes was due to geopolitical tensions involving the U.S. and Iran, specifically the closure of the Strait of Hormuz, which drove up Brent crude prices [1].

Despite the increases, government officials said that India remains among the least affected countries globally despite the oil price surge [1]. Officials said that tax cuts and specific fiscal measures have helped cushion the impact for Indian consumers compared to neighboring countries [2].

Reports on the exact timing of the hikes vary. Some data indicates that prices remained unchanged as recently as May 5 [5], while other reports note the increases occurred earlier in the month [1]. The government continues to monitor the situation as the U.S.-Iran conflict creates unpredictable swings in the energy market [2].

“India remains among the least affected countries globally despite the oil price surge.”

The end of the 78-day price freeze indicates that the Indian government can no longer fully absorb the costs of global crude oil spikes caused by Middle East instability. While the percentage increase is relatively low, crossing the ₹100 threshold in the capital serves as a psychological and economic milestone that may influence domestic inflation and transport costs.