Petrol & Diesel Prices May 28: Check Latest Fuel Prices in Delhi, Mumbai, Bengaluru, Kolkata & Other Cities | Today’s news
Petrol and diesel prices in India were little changed on Thursday, May 28. Prices in India rose sharply in May, with oil marketing companies (OMCs) making four hikes between May 15 and 25. Fuel rates in metros and several state capitals saw little to no movement on Thursday despite volatility in global oil markets.
Cumulative increase ₹7-8 per liter reflecting global oil volatility and geopolitical tensions in West Asia.
The rise pushed gasoline prices above par ₹100 per liter in several cities, including Delhi, Mumbai, Bengaluru and Hyderabad, while diesel prices also shot up.
Brent crude traded near multi-month highs amid concerns over potential supply disruptions in key oil-producing regions. Global brokerage firms including Goldman Sachs and JP Morgan, warned that oil prices could remain volatile if geopolitical tensions persist.
Higher fuel costs can have an impact on household budgets
Economists have warned that sustained fuel inflation could eventually increase transport and logistics costs, which may feed into broader consumer inflation.
Speaking to LiveMint, Madhavi Arora, chief economist at Emkay Global Financial Services, said higher fuel prices could increase supply chain and transportation costs across sectors. Madan Sabnavis, chief economist at Bank of Baroda, also said that increased diesel prices tend to have a broader inflationary impact because of diesel’s role in transportation of goods and agriculture.
The impact is expected to be particularly significant for logistics operators, shipping companies and app-based delivery platforms where fuel accounts for a major share of operating costs. Industry executives have indicated that any long-term increase in diesel prices could eventually translate into higher transport charges.
Meanwhile, petrol stations in parts of Maharashtra witnessed a surge in demand following the latest price hike. According to a report by The Times of India, petrol sales in Nagpur rose by 16% while diesel sales rose by 19% compared to normal levels, leading to long queues at several petrol stations across the city. State officials later clarified that fuel supplies remained sufficient and appealed to consumers to avoid unnecessary bulk purchases.
The latest increase comes at a time when households are already struggling with increased food prices and high living costs. Higher petrol and diesel prices have a direct impact on commuters, public transport operators and transport-dependent businesses, putting further pressure on monthly expenses.
Petrol and diesel prices in India are revised daily by Indian Oil, Bharat Petroleum and Hindustan Petroleum based on global reference prices and exchange rates.
