- Petrol and diesel prices remain unchanged despite global volatility.
- Government assures stable fuel supplies; denies price hike rumors.
- Export duties revised, but domestic fuel costs unchanged.
Fuel Price Hike: As global crude oil prices hover near multi-year highs, Indian consumers woke up to a familiar headline on May 1: petrol and diesel prices remain unchanged.
State-run oil marketing companies (OMCs), led by Indian Oil Corporation (IOC), confirmed that there has been no revision in retail fuel prices, even as global energy markets remain volatile.
No Change in Petrol, Diesel Prices
Indian Oil Corporation said there has been no change in petrol and diesel rates affecting consumers on Friday, May 1, 2026. This comes despite crude oil prices surging to around $126 per barrel, up sharply from about $73 per barrel before the onset of the ongoing geopolitical conflict.
The government has also reiterated that there is currently no proposal to increase fuel prices, aiming to calm speculation around a potential hike after recent elections.
Government Seeks to Reassure Consumers
Officials have stressed that fuel supplies remain stable and there is no cause for concern.
According to the Petroleum Ministry, LPG, petrol, and diesel are available in adequate quantities, and consumers should not panic amid rumours of shortages or price increases.
The Press Information Bureau (PIB) also dismissed viral claims of a sharp price hike of up to Rs 12.50 per litre on Thursday, calling them fake and clarifying that no such directive has been issued.
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Export Duties Revised, But No Impact on Pump Prices
While retail prices remain steady, the government has revised export levies on petroleum products for the fortnight starting May 1, 2026. The duty on diesel exports has been set at Rs 23 per litre, and aviation turbine fuel (ATF) at Rs 33 per litre, while petrol exports remain duty-free.
These measures are aimed at managing domestic availability and pricing stability amid global supply disruptions.
Commercial LPG Prices See Sharp Jump
In contrast to stable petrol and diesel prices, commercial LPG cylinders have become significantly more expensive.
The price of a 19 kg commercial LPG cylinder has increased by around Rs 993, with rates now at Rs 3,071.5 in Delhi.
Kolkata recorded the steepest increase, with prices rising by Rs 994 to Rs 3,202. Mumbai saw prices climb by Rs 993 to Rs 3,024, while Chennai recorded a rise to Rs 3,237.
However, there has been no change in the price of domestic LPG cylinders, offering relief to household consumers.
Also Read : ‘Chotu’ Cylinder Shock: 5 Kg LPG Price Hiked, Here’s What You Pay Now
City-Wise Petrol Prices on May 1
Petrol prices remained largely stable across major cities:
New Delhi: Rs 94.77
Kolkata: Rs 105.41
Mumbai: Rs 103.54
Chennai: Rs 101.06
Gurugram: Rs 95.30
Noida: Rs 94.77
Bengaluru: Rs 102.96
Hyderabad: Rs 107.46
Minor day-on-day changes were observed in select cities, reflecting marginal adjustments linked to global price movements.
Diesel Prices Remain Steady Across Cities
Diesel rates also held steady across most urban centres:
New Delhi: Rs 87.67
Kolkata: Rs 92.02
Mumbai: Rs 90.03
Chennai: Rs 92.61
Gurugram: Rs 87.77
Noida: Rs 87.89
Bengaluru: Rs 90.99
Hyderabad: Rs 95.70
As with petrol, only minor fluctuations were recorded in a few cities.
Why Prices Remain Stable Despite Global Volatility
Fuel prices in India are revised daily by OMCs based on global crude oil prices and currency exchange rates.
However, in practice, retail rates have remained largely unchanged for extended periods, reflecting a calibrated approach to shield consumers from sharp global fluctuations. Diesel prices, in particular, play a crucial role in inflation dynamics due to their direct link to transportation and logistics costs.
Even as global oil markets remain uncertain, domestic pricing strategies appear focused on maintaining stability, at least in the near term.
