New Delhi, March 20: State-run oil marketing companies, including Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited, have increased premium petrol prices by ₹2.09 to ₹2.35 per litre effective March 20, reflecting rising global crude oil prices amid geopolitical tensions in West Asia.
Following the revision, branded fuels such as Power petrol and XP95 are now priced at around ₹113.77 per litre, up from approximately ₹111.68 per litre. However, prices of regular petrol and diesel remain unchanged, offering temporary relief to consumers.
The price adjustment comes as global oil markets face heightened volatility. Brent crude surged to around $111.78 per barrel, while West Texas Intermediate (WTI) climbed to nearly $99.57 per barrel after recent escalations in the Gulf region.
Tensions intensified following reported strikes involving Iran and Israel, including attacks on critical energy infrastructure such as the South Pars gas field and Ras Laffan Industrial City in Qatar, raising concerns over global energy supply disruptions.
For India, which imports nearly 90 per cent of its crude oil requirements, sustained volatility in global markets has direct implications for domestic fuel pricing.
Industry observers note that while oil marketing companies have so far absorbed costs for regular fuels, continued upward pressure on crude prices could lead to broader price revisions in the coming weeks if geopolitical tensions persist.
