Jammu, May 16 -- Petrol and diesel prices in India were hiked by Rs.3 per litre on May 15, 2026, the first increase in over four years, mainly because state-run oil marketing companies like IOC, BPCL, and HPCL were facing severe financial strain from surging global crude oil prices. The immediate trigger was the escalating West Asia conflict, particularly the US-Israel attack on Iran on February 28, 2026, and Iran's retaliation that effectively shut the Strait of Hormuz, a chokepoint handling about one-fifth of the world's oil and gas supply. This pushed Brent crude from around $69 per barrel in February to $113-$123 per barrel by March, and it remained above $100 through April and May. Since India imports 85-90% of its crude oil, the imp...