Petrol Diesel Price Today continues to be a subject of intense scrutiny as international market volatility impacts domestic fuel rates. On the morning of May 12, 2026, state-run oil marketing companies updated the price list for petrol and diesel across the country. While rates remained steady in major metros like Delhi and Mumbai, several cities including Chennai and Jaipur witnessed a marginal hike, whereas others like Noida and Gurugram saw a slight relief in prices.
The current price fluctuations come at a time when the Middle East crisis and ongoing tensions between the United States and Iran have pushed global oil benchmarks significantly higher. Brent crude is currently trading above $104 per barrel. US President Donald Trump recently described the Iran ceasefire as being on “life support,” a statement that has sent ripples of anxiety through the energy markets. Investors are closely monitoring the Strait of Hormuz, a critical transit point for global oil and LNG supplies.
PM Modi Issues Appeal for Conservation
In light of the rising import costs and economic pressure, Prime Minister Narendra Modi has made a formal appeal to the citizens. The Prime Minister urged the public to save petrol and diesel by opting for public transport, metro rail, and carpooling where possible. He also recommended the adoption of electric vehicles and suggested that businesses utilize “work from home” models to reduce fuel consumption.
Beyond fuel, the PM’s advisory included delaying non-essential foreign travel and reducing gold purchases to help the country save precious foreign exchange. PM Modi emphasized that the West Asia crisis has placed immense pressure on the prices of petrol and fertilizers, making it imperative for India to strengthen its economic resilience through collective saving.
City-wise Fuel Rates Today: Status of Metros
In the national capital and several other major business hubs, oil companies have maintained a status quo on prices. In Delhi, petrol is retailing at ₹94.77 per liter, while diesel stands at ₹87.67 per liter. The financial capital, Mumbai, sees petrol at ₹103.54 and diesel at ₹90.03.
Other cities with stable rates include Kolkata, where petrol is priced at ₹105.45, and Lucknow, with petrol at ₹94.73. In Bengaluru, prices remain unchanged at ₹102.92 for petrol and ₹90.99 for diesel. Similarly, Patna and Chandigarh have not reported any significant movement in their daily price charts this morning.
Where Prices Have Increased and Decreased
Despite the stability in metros, some regions have seen price revisions. Chennai witnessed a notable jump, with petrol rising by 38 paise to reach ₹101.23 and diesel increasing by 41 paise to ₹92.81. In Jaipur, petrol became dearer by 22 paise, bringing the rate to ₹104.94.
On the flip side, residents in Noida and Gurugram received a slight reprieve. In Noida, petrol prices dropped by 20 paise to ₹94.85, while diesel fell by 21 paise to ₹87.98. Gurugram also saw a reduction, with petrol and diesel prices dipping by approximately 21 and 20 paise respectively. Bhubaneswar followed a similar downward trend with a marginal price cut.
Oil Companies Facing Massive Losses
The decision to keep domestic prices relatively stable despite the crude oil spike is taking a toll on Indian Oil (IOC), BPCL, and HPCL. Reports indicate that these state-run entities are collectively losing nearly ₹1,000 crore daily to shield consumers from the full impact of global price hikes.
Experts suggest that if Brent crude remains at these elevated levels, these companies could face a total loss of up to ₹1.2 lakh crore in the first quarter of FY27. Despite these mounting financial pressures, the government has assured the public that there is no shortage of fuel. Oil Secretary Pankaj Mittal confirmed that India maintains a 60-day buffer stock of crude oil and petroleum products, and there are currently no plans for fuel rationing.
