- By Aditya Pratap Singh
- Fri, 15 May 2026 02:10 PM (IST)
- Source:JND
Petrol, Diesel Price Hike: The Rs 3 per litre hike in the retail price of petrol and diesel will surely hit hard in the pockets of common citizens; however, despite the price increase, India stands at the bottom of the global fuel price increase list--with a minimal hike of 3.2 per cent in petrol prices and 3.4 per cent hike in 3.4 per cent.
The closure of the Strait of Hormuz, a critical oil supply route in the Persian Gulf, and the ongoing tussle between the US and Iran have caused Brent crude, the global oil benchmark index, to soar above $100 per barrel through much of April and early May.
Ever since the war began in the Middle East in February, nearly every major economy saw sharp increases in petrol and diesel prices till May 15, 2026. In several countries, the rise has been nearly 90 per cent.
Oil Price Hike In Major Countries
- Myanmar: Petrol +89.7 per cent, Diesel +112.7 per cent
- Malaysia: Petrol +56.3 per cent, Diesel +71.2 per cent
- Pakistan: Petrol +54.9 per cent, Diesel +44.9 per cent
- UAE: Petrol +52.4 per cent, Diesel +86.1 per cent
- United States: Petrol +44.5 per cent, Diesel +48.1 per cent
- Sri Lanka: Petrol +38.2 per cent, Diesel +41.8 per cent
- UK: Petrol +19.2 per cent, Diesel +34.2 per cent
- Germany: Petrol +13.7 per cent, Diesel +19.8 per cent
- Japan: Petrol +9.7 per cent, Diesel +11.2 per cent
Compared to the fuel price increase in these countries amid unprecedented supply chain disruption for nearly 76 days, India recorded the smallest material increase among all major economies-- Petrol 3.2 per cent, Diesel 3.4 per cent.
Despite a decline in profits following escalating tensions in West Asia, India's state-owned oil marketing companies, which account for nearly 90 per cent of retail fuel sales, have kept prices largely unchanged despite rising global crude prices.
Instead of immediately passing the burden on to citizens, the domestic oil marketing companies have incurred significant losses at the refinery gate.
Saudi Arabia Did Not Hike Prices
Amidst the worsening geopolitical situation, only Saudi Arabia recorded zero change due to its direct government subsidy policy. Among the large market economies, India actually experienced the lowest growth.