Fuel Price Hike: Premium Petrol Prices Hiked By Rs 2.30/Litre Amid Rising Middle East Tensions

Premium petrol prices have been increased in the country. According to the latest update, prices of premium petrol have been raised by Rs 2.30 per litre. This hike will primarily affect consumers who use high-octane or premium petrol. Premium petrol is generally used for better engine performance and improved mileage.

Prices of BPCL’s Speed, HPCL’s Power, and IOCL’s XP95 increased by Rs 2.09–Rs 2.35 per litre. Premium petrol is usually used for better engine performance and higher mileage.However, regular petrol prices remain unchanged.Sujata Sharma, Joint Secretary, MoPNG said, "In premium category, there has been an increase but that is only 3-4% of all the petrol sold."Meanwhile, Indian Oil Corp. Ltd has raised the price of its industrial fuel by nearly Rs 22, or 25%, to Rs 109.59 per litre from Rs 87.67 per litre. The price of India's crude oil basket has risen significantly since the military conflict in West Asia began, and was at $156.29 per barrel on Thursday.

Oil prices fell on Friday as leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz and the U.S. outlined moves to boost oil supply but were still trading above the $100-mark. Still, for the week, benchmark Brent was on track to rise nearly 5% after Iran hit oil and gas facilities in the Gulf states, forcing production to be curtailed. Looking to curb soaring oil prices, US Treasury Secretary Scott Bessent said the US may soon remove sanctions from Iranian oil stranded on tankers, and said a further release of crude from the US Strategic Petroleum Reserve was possible. Brent futures fell 39 cents, or 0.4%, to $108.26 a barrel at 0730 GMT, while U.S. West Texas Intermediate (WTI) crude fell 87 cents, or 0.9%, to $95.27.