Bhopal (Madhya Pradesh): The impact of rising international crude oil prices amid geopolitical tensions between Israel–US–Iran can be seen in domestic markets now.
On Friday, state-owned oil companies implemented a substantial hike in premium petrol prices, ranging from ₹2.09 to ₹2.35 per litre. Following this increase, premium petrol rates in the capital city, Bhopal, have neared the ₹117 per litre mark.
However, a silver lining is that the prices of regular petrol and diesel—the fuels typically used by the common man—have remained unchanged for the time being.
New Rates and Brands
State-owned oil companies market their premium petrol under various brand names, the prices of which have seen an upward revision.
HPCL (Power): ₹116.77 (hike upto ₹2.18)
BPCL (Speed): ₹116.29 (hike upto ₹2.18)
IOCL (XP95): ₹115.86 (hike upto ₹2.18)
Why the sudden rise?
According to market experts, the primary reason behind this sudden spike in petrol prices is the rising cost of crude oil due to the ongoing conflict in Iran. Global crude oil prices have breached the psychological threshold of $100 per barrel.
The cost of crude oil for Indian refineries, which previously hovered around $70, has now surged to reach $156 per barrel.
Given that India imports over 80% of its oil requirements, global instability has a direct and immediate impact on domestic fuel prices.
Impact on the General Public
For the moment, the financial burden has increased for vehicle owners who use premium fuels. If crude oil prices persist at these elevated levels, there is apprehension that the prices of regular petrol and diesel may also undergo revision in the coming days.
