New Delhi: As global fuel prices continue to climb following the intensifying conflict in West Asia, BJP IT Cell chief Amit Malviya has highlighted India’s comparatively modest fuel price revision, calling it a significant example of economic resilience during an international crisis.
The sharp rise in crude oil prices was triggered by disruptions in the Strait of Hormuz — one of the world’s most crucial oil transit routes — after tensions escalated in the region earlier this year. Brent crude crossed the $100-per-barrel mark for much of April and early May, pushing fuel prices higher across several major economies.
According to figures shared by Malviya, many countries witnessed steep hikes in petrol and diesel rates between February 23 and May 15, 2026. Myanmar recorded an 89.7 per cent jump in petrol prices and a massive 112.7 per cent increase in diesel rates. Malaysia saw petrol prices rise by 56.3 per cent and diesel by 71.2 per cent, while Pakistan reported increases of 54.9 per cent and 44.9 per cent, respectively.
The United States also saw notable fuel inflation, with petrol prices climbing 44.5 per cent and diesel 48.1 per cent. In the UAE, petrol rose 52.4 per cent while diesel surged 86.1 per cent. European economies such as the UK and Germany also experienced substantial increases.
In contrast, India’s fuel price increase remained limited to 3.2 per cent for petrol and 3.4 per cent for diesel, making it one of the lowest among major market-driven economies. Only Saudi Arabia reported no change, largely due to direct government subsidies.
Malviya stated that this stability was possible because India’s public sector oil marketing companies, which account for nearly 90 per cent of retail fuel sales, absorbed significant financial pressure instead of immediately transferring the burden to consumers.
For nearly 76 days after the conflict intensified, fuel prices in India remained largely unchanged despite mounting global crude costs. Industry estimates suggest these under-recoveries reached nearly Rs 1,000 crore per day.
The Rs 3 per litre revision announced on May 15 marks the first significant price adjustment in nearly four years and represents only a small increase on the average fuel base price.
Malviya argued that controlling fuel inflation is critical because rising fuel costs impact transportation, food prices, logistics and overall household expenses. He described India’s response as a calibrated strategy aimed at protecting citizens from sudden global shocks while maintaining economic stability.
He noted that while several countries passed on steep price increases directly to consumers, India managed to soften the impact significantly, ensuring inflationary pressures remained relatively contained.
