Price of Premium petrol in India has been hiked by up to ₹2.35, with effect from March 20, amid disrupted global energy supplies due to the Middle East conflict that US-Israeli strikes on Iran triggered. A petrol pump attendant picks up a nozzle to refuel a vehicle at an Indian Oil fuel station (AFP)
Prices of BPCL’s Speed, HPCL’s Power, and IOCL’s XP95 have been increased by ₹2.09 to ₹2.35 per litre, ANI news agency reported.
However, there is no change in the price of regular petrol at present. Diesel price also remains unchanged in India as of now.
Confirming the development, Sujata Sharma, joint secretary, ministry of petroleum and natural gas, said in the inter-ministerial press briefing on Friday that petrol and diesel prices are deregulated and decided by oil marketing companies
“There is no change in normal petrol price, it remains unchanged for the public…only premium category, it is hardly 2-4 per cent of entire petrol,” Sharma said when asked if rates of normal petrol and diesel will increase in the near future.
The February 28 US-Israeli strikes on Iran has sparked a massive exchange of drones and missiles, that has affected the entire Gulf region and virtually closed off the Strait of Hormuz, key waterway which carries a fifth of world's oil and liquefied natural gas.
“Kindly note the RSP for poWer 95 has been increased by Rs. 2 from today. Ensure to display the correct price,” read a message by the HPCL management to a petrol pump owner in Himachal Pradesh accessed by hindustantimes.com.
Arshwinder Mongia, president mohali petrol pump association Punjab also confirmed the price hike and said that earlier the rate of premium petrol was ₹105.16 and now it is ₹107.13.
This comes as oil and gas prices soared globally on Thursday after Iran hit the world's largest liquefied natural gas (LNG) facility in Qatar and threatened to destroy the region's energy infrastructure, while Donald Trump warned of a “massive blow” by US if such attacks continued.
International benchmark Brent surged 10 per cent before falling back while European gas rose 35 per cent after Iran attacked Qatar's huge Ras Laffan LNG facility in retaliation for an Israeli strike on its South Pars gas field.
Iran's military on Thursday said it had been a "major mistake" to hit South Pars, which supplies around 70 per cent of the country's domestic natural gas.