Premium petrol prices hiked by Rs 2; normal petrol rate unchanged

New Delhi, Mar 20: State-run Hindustan Petroleum Corporation Limited (HPCL) has increased the price of its premium petrol by Rs 2 per litre, with the revised rates coming into effect from Friday.

The company did not specify a reason for the hike, though it is believed to be linked to fluctuations in global crude oil prices and rising logistics costs amid the ongoing Iran-US conflict. Prices of regular petrol remain unchanged.

HPCL earlier assured that there is no disruption in crude oil supply, stating that additional cargoes are on the way to strengthen India’s supply position and urging consumers to avoid rumours.

The price revision comes even as global crude oil rates showed some easing, falling to around $105 per barrel after major economies, including European nations and Japan, offered to help secure shipping routes through the Strait of Hormuz. The US has also indicated steps to boost supply following recent spikes triggered by Iranian strikes on energy infrastructure in Gulf countries.

Despite the increase, India remains relatively insulated, with petrol prices stable compared to many countries. Data shows several nations have witnessed fuel price hikes since late February due to the conflict.

Premium petrol, also known as high-octane fuel, is mainly used in luxury and high-performance vehicles, and the hike is expected to largely impact affluent consumers. (Agencies)