Petrol And Diesel Prices Today, May 31: Will Fuel Rates Ease Soon? Check Latest Rates Across Delhi, Mumbai, Kolkata And More

Fuel Rates Today on May 31, 2026: Petrol and diesel prices were unchanged across India on Sunday, May 31, after a number of steep hikes earlier this month. The prices were last revised on May 25 when the oil marketing companies hiked petrol prices by 2.61 per litre and diesel by 2.71 per litre.

This was the fourth increase since May 15, bringing the cumulative increase in fuel prices to nearly Rs 7.50 a litre. While not having a new revision may be a relief for a while, consumers still have to face the highest fuel prices since May 2022.

In the national capital, petrol is retailed at Rs 102.12 a litre and diesel at Rs 95.20 a litre. Oil companies have factored in higher rates of crude oil internationally, but people in other metro cities like Mumbai, Hyderabad, Chennai and Bangalore are still waiting for some respite as far as fuel rates are concerned.

Why Are Petrol And Diesel Prices Going Up?

The increase in fuel prices today is closely tied to the energy market disruption in the global economy following conflict in West Asia. The global energy markets have been disrupted after conflict started in West Asia. The reason the prices have soared high is because India is hugely import-dependent for its energy and receives a significant chunk of crude oil, natural gas, and LPG from Gulf countries. There were also concerns about shipping lanes during the conflict and supply disruptions, which helped to push global crude prices up and raised import costs for Indian refiners.

As a result, the state-run fuel retailers gradually passed on some of these higher costs to consumers in a number of fuel price revisions in May.

What’s Behind the Fuel Price Surge

Crude oil prices up internationally
Supply disruptions from major Gulf producers
Higher transportation and logistics costs
Rising crude oil and natural gas import bills
The currency and the pressures on energy imports

Fuel Demand Remains Strong

Interestingly, higher prices have not really hurt demand for fuel.

Government data showed that over 150 districts reported growth of more than 30 per cent in petrol sales, with 14 districts more than doubling their sales. Demand for diesel, too, has been robust, with 156 districts reporting growth of more than 30 per cent and six districts reporting growth of over 100 per cent.

Officials partly attribute the rise to strong agricultural activity and a change in buying patterns from private fuel retailers to state-run oil marketing companies where prices are relatively lower.

Why State-Run Fuel Retailers Are Seeing Higher Sales

Many consumers and bulk buyers have switched to state-owned outlets, as private fuel retailers have been more aggressive in raising prices than their public-sector counterparts.

While petrol and diesel at PSU fuel stations are still said to be below cost in some cases, bulk users such as telecom towers and industrial consumers are paying market-linked rates. The price differential has led to customers moving to outlets run by Indian Oil, BPCL and HPCL.

Petrol Prices in Major Cities on 31st May

Diesel Prices in Major Cities on 31st May

Will Fuel Prices Go Even Higher?

The direction in which fuel prices will move from here would entirely depend upon the international energy markets.

Nevertheless, fuel prices in the domestic market may face further upside pressures if crude oil prices remain high or rise due to the geopolitical instability of important oil-producing countries. Softening in crude prices or improvement in supply conditions, however, may well lead to rates settling.

It may give consumers a brief respite from increasing prices, but petrol and diesel prices are still vulnerable to international developments, and there is little clarity over the future course of fuel prices.

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