Premium petrol prices hiked by Rs 2 per litre; regular fuel unchanged

Premium petrol prices have been hiked by around Rs 2-2.3 per litre, even as regular petrol and diesel rates remain unchanged across the country.
The hike applies to high-octane fuels such as Indian Oil’s XP95 and Hindustan Petroleum’s Power petrol, based on dealer inputs from select cities. The revised prices reportedly came into effect from Friday. The increase in premium petrol prices comes at a time when global crude oil prices have surged sharply.
Brent crude has been trading firmly above the $100 per barrel mark amid escalating tensions in West Asia and fears of supply disruptions. Higher crude oil prices increase input costs for oil marketing companies such as Indian Oil, HPCL and BPCL.
At the same time, the rupee has fallen to record lows against the US dollar, making crude imports more expensive for India, which depends heavily on imported oil. As a result, oil companies appear to have opted for a selective price hike in premium petrol variants, instead of raising prices of regular petrol and diesel, which are more widely used.
The government has said the increase is limited to premium fuels and not a broader revision.
“Only premium category petrol prices have increased. Prices of petrol and diesel have been deregulated, and any price hike is a corporate decision,” Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said.