New Delhi, May 19: This week, India announced a fuel price increase of ₹3.91 per liter, or 4.4%. This is the lowest hike among major economies, excluding oil-producing nations like Saudi Arabia, according to data compiled by GlobalPetrolPrices.com.
An official from Indian Oil stated that this increase only partially offsets the recent surge in crude oil prices. This decision follows a period where public sector oil companies absorbed rising crude costs for 76 days. In contrast, other countries have raised retail prices of petrol and diesel by 10% to 90% to adjust for the increased crude oil costs.
Data indicates that petrol prices in Myanmar, Malaysia, Pakistan, and the UAE have surged by over 50% compared to pre-war levels. Diesel prices have risen even more sharply due to their direct correlation with global trade and freight costs. Pakistani consumers are now paying about 55% more for petrol than three months ago, while Malaysians are paying approximately 56% more, and UAE consumers face a nearly 52% increase.
The report highlights significant fuel price hikes in developed economies. In the United States, petrol prices have risen by 45%, and diesel prices by 48%. The UK has seen petrol prices increase by around 19% and diesel by 34%. In Germany, petrol prices rose by about 14%, and diesel by 20%. France experienced a 21% increase in petrol prices and a 30% rise in diesel prices.
In Japan, South Korea, and Singapore, petrol price increases remained below 20%, but diesel prices have surged, with Singapore experiencing a remarkable 65% increase.
The Indian Oil official noted that the ₹3.91 per liter increase has reduced daily losses for public sector oil companies caused by soaring imported crude oil prices. These losses, which were previously ₹1,000 crore per day, have now decreased to ₹750 crore. The retail fuel price hike has only mitigated losses by 25%.
He further explained, “India is a clear exception, as until May 15, 2026, public sector oil marketing companies kept petrol and diesel prices nearly unchanged from February 23, 2026, absorbing refinery gate crude oil costs and recording a daily shortfall of around ₹1,000 crore.”
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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