Amidst rising global oil prices, premium petrol and industrial diesel have become more expensive in India. Although the prices of regular petrol and diesel remain stable, there remains a looming apprehension that the impact of inflation could eventually affect the common people as well.
Premium Petrol Crosses ₹100 Mark (Image Source: Internet)
New Delhi: The impact of the continuous rise in crude oil prices in the international market is now becoming visible in India as well. The country's oil companies have hiked the prices of premium petrol and industrial diesel. However, a silver lining is that, for the time being, no changes have been made to the prices of regular petrol and diesel—the fuels typically used by the general public.
Indian Oil Corporation has increased the price of its premium petrol, XP-95, by ₹2 per liter, bringing it to ₹101.89. Similarly, Hindustan Petroleum has also raised the rates for its premium fuel variants, reports Dynamite News correspondent.
Meanwhile, industrial diesel has witnessed a significant surge in price, climbing from ₹87.67 to ₹109.59 per liter.
The government maintains that this price hike will not have a major impact on the general public. The reason cited is that premium petrol accounts for only 2–5% of total fuel sales. The majority of people use regular petrol, the price of which currently remains stable.
Crude oil prices are rising rapidly across the globe. The price of Brent crude oil has crossed the $108 per barrel mark. Ongoing tensions in the Middle East—particularly the Iran-Israel conflict—are a major contributing factor to this trend.
The average cost of India's own imported crude oil has reached approximately $117 per barrel, thereby driving up input costs.
When crude oil prices had previously declined, the oil companies did not lower the retail prices of petrol and diesel. Consequently, now that prices are on the rise, questions are being raised as to whether the companies are prioritizing profits above all else.
The opposition parties have cornered the government over this issue. They argue that an additional burden is gradually being imposed upon a public that is already grappling with high inflation. They warn that, in the near future, the prices of regular petrol and diesel could also rise.
If oil prices in the international market continue to rise in this manner, the pressure on both the government and fuel companies will intensify. Consequently, the prices of regular fuels could also increase in the coming days. Currently, the government is making efforts to keep the situation under control.
