New Delhi: Oil marketing companies on Friday increased the price of premium petrol by around Rs 2 per litre from March 20, amid rising global crude prices triggered by escalating tensions in West Asia. 

Oil companies raise branded fuel prices, regular petrol and diesel unchanged

State-run oil marketing companies, including Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited, have raised the prices of their premium petrol variants by about Rs 2.09 to Rs 2.35 per litre.

With this revision, the price of branded fuels such as Power petrol and XP95 has increased from around Rs 111.68 per litre to nearly Rs 113.77 per litre.

However, there has been no change in the prices of regular petrol and diesel, providing some relief to the general public amid rising fuel concerns.

The hike in premium petrol prices comes at a time when global crude oil markets are witnessing sharp volatility due to geopolitical tensions in West Asia.

On March 19, oil prices surged more than 4 per cent after attacks on key energy infrastructure in the region.

Brent crude futures rose to around $111.78 per barrel, while US benchmark West Texas Intermediate (WTI) climbed to nearly $99.57 per barrel.

The spike followed Israel’s strike on Iran’s South Pars gas field, the world’s largest, and Iran’s reported retaliation targeting Qatar’s Ras Laffan industrial city, a major global gas hub.

The escalating conflict has raised concerns over global energy security, with experts warning that disruptions in the Gulf region could impact oil supply chains worldwide.

For India, which imports nearly 90 per cent of its crude oil needs, such developments have direct implications on fuel pricing.

While companies have so far kept regular fuel prices unchanged, the increase in premium petrol reflects the pressure from rising global crude rates.

Industry observers said that if tensions continue and oil prices remain elevated, domestic fuel prices could see further adjustments in the coming weeks.

(IANS)