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Oil marketing companies hiked the premium petrol price by up to Rs 2.35 per litre with immediate effect on Friday amid the ongoing war between US-Israel and Iran that has led to global energy disruptions. Alongside petrol, the rate of bulk diesel sold to industrial users was hiked by about Rs 22 a litre.Prices of Bharat Petroleum Corporation Limited (BPCL) speed, Hindustan Petroleum Corporation Limited (HPCL) Power fuel and Indian Oil's XP90 increased by Rs 2.09–Rs 2.35 per litre.However, there is no change in the price of regular petrol at present.This comes amid escalating war in the Middle East as countries target key energy infrastructure, impacting oil and gas supplies worldwide.Prices of bulk or industrial diesel, used by establishments such as telecom towers to meet power requirements, were hiked from Rs 87.67 per litre to Rs 109.59 per litre in Delhi.In Mumbai, industrial diesel prices have been increased from Rs 90.39 per litre to Rs 113.11 per litre (up Rs 22.72 per litre); in Kolkata from Rs 92.30 per litre to Rs 114.27 per litre (up Rs 21.97 per litre); and in Chennai from Rs 92.54 per litre to Rs 113.38 per litre (up Rs 20.84 per litre), as reported by PTI.This price hike comes at a time when international oil prices touched $119 per barrel on Thursday on the intensifying Iran war, before pulling back to around $108 a barrel.An oil ministry official, in a recent official briefing, stated that India's refineries are operating at full capacity and no dryouts have been reported at any fuel outlets so far.Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum & Natural Gas, noted that oil marketing companies (OMCs) are conducting surprise inspections across outlets to prevent unethical practices.The petrol price hike , comes a day after Sharma said India is facing pressure in terms of crude oil supply, but the government has not raised the price yet."Pressure is there, definitely. But till now, there is no price increase," she said.Amid the closure of Strait of Hormuz and recent attacks on Saudi Arabia's Red Sea Port of Yanbu, India has diversified its crude sourcing 70% of crude from the area outside the key passageway.As per a report by Systematix Research, India's crude oil imports saw a sharp decline in early March amid disruptions in the Middle East, highlighting the impact of the ongoing regional crisis on energy supplies."India's import volume also nosedived to just 1.9mn bbls at week ended 6th Mar vs 25mn bbls per week in Feb'26 and 35mn bbls per week in Mar'26," the report said.The research report attributed the sharp fall in imports to weakening crude supply from the Middle East, which has been affected by the ongoing tensions and disruptions in the region."Drop is largely attributed to lower volume from Middle East," it said, noting that key suppliers like Saudi Arabia, Iraq and the UAE saw significant declines in export volumes."Saudi Arabia dropped to 26mn bbls and 12 mn bbls in the 1st and 2nd week of March vs avg of 42 and 33 mn bbls per week in Feb'26," the report said.The report pointed to broader supply disruptions across the Gulf region and stated the possibility of a further rise in prices and disruption in the supply chain. "With the recent strike at energy facilities, including upstream and refining assets across the Gulf countries, we might see further rise in prices and disruption of volume," it said.The report warned that the ongoing situation could continue to impact countries dependent on energy imports. "We might see further rise in prices and disruption of volume which may have a significant impact on energy deficient countries like India," it said.The Systematix report maintained a cautious outlook on the sector. "Due to uncertainty on the escalation of West Asia War, we keep a cautious view on the sector," said the report.The sharp fall in crude imports, coupled with rising prices, is expected to impact the Indian economy on the macro front, widening India's trade deficit. "Estimated trade deficit on crude oil and petroleum products is estimated to be widened by USD 4 bn+ MoM in Mar'26," the report said.As war between Iran and US-Israel continues to impact both crude and LNG supplies, the report indicates that India may face sustained pressure on its energy imports and costs in the near term.