Oil firms in India have raised premium petrol rates by up to Rs 2.35 per litre starting March 20, citing surges in global crude prices triggered by West Asian conflicts. Brands like XP95 and Power Petrol now cost nearly Rs 113.77 per litre, up from Rs 111.68, announced HPCL and IOCL among others.
In a relief for the masses, everyday petrol and diesel stayed steady, shielding routine vehicle owners from immediate cost pressures. The move primarily impacts premium fuel enthusiasts who opt for these variants promising enhanced performance and fuel economy.
Metro city dwellers and owners of sports cars or high-performance bikes stand to bear the brunt, with added monthly outlays straining household finances further. Premium fuels’ appeal lies in their high-octane formula, delivering cleaner combustion and reduced engine knock.
Market watchers attribute the revision to a 4%+ spike in oil prices on March 19, with Brent at $111.78/barrel and WTI at $99.57/barrel. The volatility stems from Israel’s attack on Iran’s vital South Pars facility and Iran’s counter-strike on Qatar’s energy hub at Ras Laffan.
As a net oil importer fulfilling 90% of demand overseas, India feels these shocks acutely. Though standard rates hold firm, this premium adjustment hints at looming challenges. Industry voices predict potential across-the-board hikes if regional hostilities escalate, urging vigilance on energy security.