India’s Fuel Hike Among Lowest as Global Oil Prices Explode | Know Prices Here | Spotlight | N18G

Added: 2026-05-17

[00:00:00]Now, India has raised fuel prices for the first time in 4 years as a West Asia war sends shockwaves through global energy markets. Petrol and diesel now costlier by 3 rupees per liter across the country. However, the surge is far worse in other nations. After holding prices steady for months, India has finally blinked. State-run oil companies increased prices on May 15th. The hike applies to regular fuels as well as premium and high-octane variants. In Delhi, petrol now costs 97.77 rupees per liter while diesel has climbed to more than 90. In Kolkata, petrol will now cost 108.74 rupees per liter and diesel more than 95. Mumbai and Chennai also witnessed sharp increases and compressed natural gas or CNG prices in Delhi and the Mumbai metropolitan region have also gone up. Yet, despite the hike, India's fuel price increase remains among the lowest globally. In fact, India is one of the last major economies to raise retail fuel prices. For weeks, the Narendra Modi-led government absorbed the pressure, shielding consumers from global oil shocks. But now the pressure is becoming impossible to ignore. Global crude prices remain above $100 a barrel amid fears of disruptions near the Strait of Hormuz. And the fuel shock is now spreading across the world.

[00:01:20]According to global prices data, more than 85 countries have raised fuel prices since February 23rd. That was when the West Asia conflict intensified after the US and Israel launched attacks on Iran. And the result, a global energy chain reaction. Pakistan has witnessed one of the sharpest spikes. Petrol prices surged nearly 55% while diesel jumped almost 45%. Bangladesh raised diesel prices by 15% and petrol prices by more than 16% in April alone. The country remains highly vulnerable because it imports nearly 95% of its fuel and liquefied natural gas requirements. In the poll, fuel is now more expensive than in India. Petrol prices jumped to $1.43 per liter. Diesel climbed to $1.48.

[00:02:08]Sri Lanka, still recovering from its own devastating fuel crisis, has also seen massive increases.

[00:02:14]And Myanmar was hit the hardest. Petrol prices there soared nearly 90%. While diesel skyrocketed by more than 112%.

[00:02:24]Well, the shockwave is not limited to Asia. In the United States, petrol prices rose 44.5% while diesel increased by more than 48%.

[00:02:32]China managed relatively lower increase.

[00:02:35]But across Europe, Britain, Germany, and France all reported major jumps, especially in diesel prices.

[00:02:42]And Singapore recorded a staggering 65% increase in diesel prices. Only Saudi Arabia has reported a zero increase thanks to direct government fuel subsidies. And the reason behind Asia's pain is simple. Most to Asian economies depend heavily on the Strait of Hormuz, a crucial route for global oil and gas shipments. Any disruption there immediately shakes energy markets across the continent.

[00:03:08]So, conflict thousands of kilometers away is now being felt at fuel stations everywhere, from Asia to Europe, from the US to South Asia. The energy crisis is deepening as the Strait of Hormuz remains on edge and crude oil fears continue to grow. The real concern now is how long consumers can bear the burden.

[00:03:27]The world moves fast. Power shifts, unexpected developments, changing alliances. Every day brings a new headline. [music] But headlines are only the beginning.

[00:03:40]Because behind every story, there is context. There are consequences and there are questions worth asking.

[00:03:50]Find the answers. Understand [music] the story. Take on the world.

[00:03:56]This is Him Kaur Saroya for Firstpost Vantage.