Fuel Price Update: Petrol, Diesel Rates Hold Steady Across Major Cities Amid Hike Speculation

Petrol and diesel prices across India remained largely stable on Thursday, May 7, 2026, even as concerns over rising global crude oil prices continue to fuel speculation about a possible hike in retail fuel rates in the coming weeks. While a few cities such as Bengaluru, Patna, and Lucknow witnessed minor price adjustments by a few paise, there has been no major nationwide increase so far.

Oil marketing companies are reportedly facing mounting pressure due to a prolonged freeze in fuel prices despite volatility in international crude markets. According to government sources, oil companies are currently incurring losses of nearly Rs 14 per litre on petrol and Rs 18 per litre on diesel.

In the national capital Delhi, petrol continues to be priced at Rs 94.77 per litre, while diesel remains at Rs 87.67 per litre. Mumbai continues to record some of the highest fuel prices among metro cities, with petrol selling at Rs 103.49 per litre and diesel at Rs 90.03 per litre.

Latest Petrol and Diesel Prices in Major Cities

Meanwhile, rumours circulating on social media about an immediate fuel price hike were officially denied by the Press Information Bureau (PIB). The PIB Fact Check team clarified that viral claims suggesting a Rs 10 increase in petrol prices and a Rs 12.5 increase in diesel prices were completely false and not issued by the Government of India.

However, sources have indicated that a future revision in fuel prices cannot be ruled out, especially if global crude prices continue to remain elevated due to ongoing geopolitical tensions and supply disruptions linked to the Iran conflict.

While domestic LPG cylinder prices have been left unchanged, commercial LPG cylinders have witnessed a sharp rise. In Delhi, the price of a 19-kg commercial LPG cylinder has increased to Rs 3,071.50 from Rs 2,078.50 earlier. Mumbai has also seen a steep increase, with commercial cylinder prices rising to Rs 3,024.

This marks the third hike in commercial LPG cylinder prices since the Iran conflict escalated earlier this year, adding further pressure on businesses and commercial establishments across the country.