Fuel prices across the country remained largely unchanged on May 30, even as the war in the Middle East continues to impact fuel prices globally. Prices remained steady after the last rise on May 25, which was the fourth consecutive rise this month.
Petrol prices were hiked on May 25 by Rs 1,000. 2.61 per liter and diesel at Rs. 2.71 per liter as state-owned oil marketing companies continue to pass on the impact of rising global crude oil prices to consumers.
Here’s how petrol and diesel prices looked in major Indian cities on May 30:
(Source: goodreturns.com)
The latest wave of fuel price hikes comes amid continuing tensions in West Asia following the US-Iran conflict that erupted in late February. The disruption of traffic in the strategic Strait of Hormuz, a major energy corridor, remains a major reason behind the rise in oil prices.
Industry executives and sector analysts said the further bull cycle was unlikely to end soon as the three state-run oil marketing companies (OMCs) were not only recovering existing revenue losses from petrol and diesel, but also making up for their earlier shortfall in recovery of motor fuel and cooking gas.
Meanwhile, the Ministry of Finance said in its May 2026 Monthly Economic Review that recent increases in petrol and diesel prices could lead to direct and indirect inflationary impacts, while any further escalation in energy prices could erode the existing inflation cushion faster than expected. It also warned that a weak monsoon could add to food price pressures as well as energy-induced inflation. that I I mentioned.
The report also highlighted India’s dependence on energy imports from the Gulf region. She noted that crude oil and petroleum products constituted 53.9 percent of India’s total merchandise imports from the Western Gulf Cooperation Council region in fiscal year 2026. Despite the closure of the Strait of Hormuz amid the conflict in West Asia, India has so far been able to meet its crude oil needs through various sourcing arrangements.
