Oil companies hike premium petrol prices; industrial diesel jumps ₹22 per litre
Oil marketing companies on Friday increased the prices of premium petrol variants by up to ₹2.35 per litre with immediate effect amid global supply disruptions triggered by the ongoing conflict in West Asia.
The revised prices affect premium petrol variants sold by major public sector oil companies including Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited.
BPCL’s Speed petrol, HPCL’s Power petrol and IOCL’s XP95 petrol have become costlier by ₹2.09 to ₹2.35 per litre. However, there has been no change in the price of regular petrol at present.
Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, said petrol and diesel prices in India are deregulated, meaning oil marketing companies adjust prices in line with international market conditions.
She clarified that only premium petrol prices have been increased while regular petrol and diesel prices remain unchanged.
LPG situation stable despite war
Addressing concerns over fuel availability, Sharma said the supply of LPG remains stable across the country despite initial panic booking.
“About 7,500 consumers have shifted from LPG to PNG. The situation remains worrying due to the war, but no dry-outs have been reported at distributors. Delivery is being done through authentication codes,” she said.
According to the ministry, panic bookings have significantly declined. On Thursday alone, around 55 lakh LPG refill booking requests were received, while cylinder deliveries continue as usual.
Around 18 states and Union Territories have also issued allocation orders for commercial LPG, and approximately 11,300 tonnes were supplied to consumers over the past week.
Industrial diesel prices surge
Industrial diesel has also become significantly costlier, with prices rising by ₹22.02 per litre, adding pressure on manufacturing and logistics sectors already grappling with rising energy costs.
Global oil market faces major disruption
The price hike comes amid escalating tensions in the Middle East that have triggered one of the largest supply disruptions in the history of the global oil market.
Shipping through the Strait of Hormuz — a key global energy corridor — has slowed dramatically.
The waterway normally carries nearly 20 percent of global oil consumption, with around 20 million barrels of crude oil and petroleum products passing through it every day.
With shipments reduced sharply, global crude prices have surged beyond $100 per barrel, pushing up refined fuel prices such as diesel, jet fuel and LPG.
IEA suggests energy-saving measures
In response to the supply shock, the International Energy Agency has recommended several measures to reduce fuel consumption and ease the economic burden on consumers.
These include lowering highway speed limits by at least 10 km/h, increasing carpooling, switching to electric cooking where possible and avoiding air travel when alternative transportation options are available.
Energy analysts warn that prolonged disruptions in the region could continue to impact fuel prices globally in the coming months.
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