Premium petrol price hiked by around ₹2 per litre from today

Oil marketing companies raised the price of premium petrol by roughly ₹2 per litre, effective from Friday, citing a surge in global crude oil prices driven by escalating tensions in West Asia.

State-owned retailers such as Hindustan Petroleum Corporation Ltd and Indian Oil Corporation Ltd increased the rates of their premium petrol variants by about ₹2.09 to ₹2.35 per litre.

Following the revision, branded fuels like Power petrol and XP95 now cost close to ₹113.77 per litre, up from around ₹111.68 per litre. Despite the hike in premium fuels, prices of regular petrol and diesel have remained unchanged, offering some relief to consumers amid broader concerns over fuel costs.

The upward revision comes amid heightened volatility in global crude markets, largely driven by geopolitical tensions in West Asia. On Thursday, oil prices jumped by more than 4 per cent after attacks targeted key energy infrastructure in the region.

Brent crude futures climbed to approximately $111.78 per barrel, while the US benchmark West Texas Intermediate (WTI) rose to nearly $99.57 per barrel. The spike followed Israel’s strike on Iran’s South Pars gas field and Iran’s reported counterattack on Qatar’s Ras Laffan industrial city, a crucial global gas hub.

The growing conflict has sparked fresh concerns about global energy security, with experts cautioning that any disruption in the Gulf region could affect oil supply chains worldwide. For India, which depends on imports for nearly 90 per cent of its crude oil requirements, such developments have a direct bearing on domestic fuel pricing.

Although oil companies have so far kept regular fuel prices steady, the increase in premium petrol prices highlights the pressure from rising international crude prices. Industry experts noted that if the geopolitical situation persists and oil prices stay elevated, further revisions in domestic fuel prices may be expected in the coming weeks.
(With IANS Inputs)