Petrol, Diesel Prices Today (May 2): Check fuel rates in Delhi, Mumbai, Kolkata as govt sources hint at a hike amid West Asia conflict

Petrol and diesel prices have remained the same today, May 2, 2026 even as global oil markets continue to witness sharp volatility due to the West Asia conflict. The prices of fuel have remained unchanged despite the price of commercial LPG (19 kg cylinders) increasing by an average of Rs 933.

Petrol, Diesel prices today

"Retail pump prices of Petrol, Diesel and domestic LPG (14.2 kg cylinders meant for regular household use) have been kept unchanged," the Ministry of Petroleum and Natural Gas said in a release. The ministry again reiterated that there is no need for panic buying, urging citizens to "avoid panic purchase of petrol, diesel and LPG as the Govt is making all efforts to ensure availability."

In Delhi, petrol is being sold at Rs 94.72 per litre and you have to pay Rs 87.62 for one litre of diesel. The prices are higher in Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad.

City	Petrol (₹/litre)	Diesel (₹/litre)

New Delhi

₹94.72

₹87.62

Mumbai

₹104.21

₹92.15

Kolkata

₹103.94

₹90.76

Chennai

₹100.75

₹92.34

Bengaluru

₹99.84

₹85.93

Hyderabad

₹107.41

₹95.65

Petrol, diesel prices to see a hike?

The key question remains whether regular petrol and diesel prices will also be increased. For now, oil companies are avoiding hikes due to inflation concerns. But government sources have indicated that petrol and diesel prices in India may soon see a hike of Rs 4–5 per litre, while domestic LPG cylinder prices could rise by Rs 40–50. If prices hike, this would be the first increase in retail fuel prices in nearly four years, as rates have largely remained unchanged since 2022.

However, no final decision has been announced yet, with the government expected to weigh inflation concerns before implementing any increase.

What factors affect fuel prices?

Crude oil prices: The primary factor driving fuel costs.

Exchange rate: A weaker rupee raises the cost of importing crude oil.

Taxes: Central excise duty and state VAT play a major role in determining retail prices.

Refining costs: Expenses incurred in converting crude oil into usable fuel.

Demand and supply: Market conditions also shape overall pricing trends.