Nagpur: Hindustan Petroleum Corporation Limited (HPCL) has increased the price of its premium petrol price by Rs 2 per litre. The revised rates came into effect on Friday itself. Although the state-run petroleum company didn’t specify any reason behind the hike, it is believed that fluctuations in global crude oil prices and changes in logistics costs amid the ongoing Iran-US conflict may have prompted the decision.
However, the price of HPCL’s normal petrol remains unchanged. Previously, HPCL, in a post on X, said, “There is no disruption in crude oil supply. Additional cargoes are already on the way and will further strengthen India’s supply position in the coming days.” It added, “Avoid rumours. Trust official updates.”
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Earlier in the day, crude oil prices fell to $105 per barrel as leading European nations and Japan offered to join efforts to secure safe passage for ships through the critical Strait of Hormuz. The US also outlined moves to boost oil supply. The efforts came after oil price crossed the $110-mark due to Iranian strikes on energy infrastructure in several Gulf nations.
Despite the hike in price of premium petrol, India remains an outlier in terms of fuel price rise amid the Iran war. This is particularly significant as India depends heavily on exports for its energy needs. Data compiled from Global Petrol Prices shows that at least 95 countries recorded increases in petrol prices between February 23 and March 11, the fresh conflict in Iran began on February 28. The steepest spikes are concentrated in import-dependent economies:
- Cambodia: +67.8 percent
- Vietnam: +49.7 percent
- Nigeria: +35 percent
- Laos: +32.9 percent
- Canada: +28.4 percent
- United States: +16.5 percent
- Germany: +13.3 percent
- France: +6.4 percent
What Is premium petrol
Premium petrol is used for better engine performance and improved mileage. Primarily used in luxury, sports, and high-performance cars, it is also known as high-octane fuel or power petrol. Therefore, the hike in price by HPCL is primarily expected to impact affluent buyers.
