Petrol, diesel prices on May 29: How much does fuel cost in Delhi, Mumbai, Bengaluru, Kolkata and other cities

Fuel prices remained unchanged on Friday, May 29. The latest fuel price hike was reported on Monday, May 25, when both petrol and diesel prices were increased by over ₹2.50 per litre.

This was the fourth price hike in less than two weeks, extending a delayed pass-through of soaring global crude oil costs triggered by the Iran conflict.

The latest increase took cumulative hikes since May 15 to nearly ₹7.5 per litre.

Fuel prices have now reached their highest levels since May 2022 after remaining largely frozen for more than two years, barring a ₹2-per-litre cut in March 2024 ahead of national elections.

Change in petrol and diesel prices

Petrol prices were raised by ₹2.61 a litre and diesel by ₹2.71 on Monday, the fourth increase

In Delhi, petrol prices rose to ₹102.12 per litre from ₹99.51, while diesel climbed to ₹95.20 from ₹92.49.

Petrol prices in major cities on May 29

Diesel prices in major cities on May 29

Avoid panic buying: Govt

Defence Minister Rajnath Singh on Wednesday urged the public to avoid panic buying petrol, diesel, and LPG, assuring them that the government is taking all necessary steps to maintain fuel supplies.

"The supply situation in the country today is normal. The citizens should avoid panic purchase of petrol, diesel and LPG as the government is pulling out all stops to ensure the availability of all essential items," Singh said on X.

He said the government under the leadership of Prime Minister Narendra Modi has been doing "excellent work since the conflict in West Asia broke out".

"During the present disruption, the public sector oil marketing companies have refrained from passing the full international price into retail, absorbing approximately ₹550 crore per day as losses," the defence ministry said in the statement.

It said this cushion is intended for retail consumption alone, adding industrial and commercial diesel tracks international prices as a matter of standing policy.

Higher fuel costs may impact household budgets

Economists have cautioned that sustained fuel inflation could eventually raise transportation and logistics costs, which may feed into broader consumer inflation.

Speaking to LiveMint, Madhavi Arora, lead economist at Emkay Global Financial Services, said higher fuel prices could increase supply chain and freight expenses across sectors.

Madan Sabnavis, chief economist at Bank of Baroda, also said that elevated diesel prices tend to have a wider inflationary impact because of diesel’s role in goods transportation and agriculture.

The impact is expected to be particularly significant for logistics operators, trucking companies and app-based delivery platforms, where fuel accounts for a major share of operating expenses. Industry executives have indicated that any prolonged increase in diesel prices could eventually translate into higher freight charges.