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Price of premium petrol rises by Rs 2 per litre amid conflict in West Asia
The price of premium or higher-grade petrol on Friday was increased by Rs 2 per litre amid a spike in global oil prices amid the conflict in West Asia, PTI reported.
The prices of regular petrol and diesel, however, did not change.
In Delhi, the price of 95-octane petrol, a premium-grade fuel, increased from Rs 99.8 per litre to Rs 101.8. A litre of normal petrol in the national capital remained at Rs 94.7, while the same grade diesel was priced at Rs 87.6 a litre.
Normal petrol typically has an octane rating of 91-92, which is suitable for standard engines and offers adequate performance for everyday driving. An octane rating is a measure of fuel stability.
Meanwhile, the rate of bulk diesel sold to industrial users in the country was also hiked by about Rs 22 a litre, according to the news agency. Bulk diesel prices were hiked from Rs 87.6 per litre to Rs 109.5 in the national capital.
Earlier on Friday, Sujata Sharma, joint secretary at the Ministry of Petroleum and Natural Gas, told reporters that there is no increase in prices of normal petrol and diesel.
“Some increase is reported in the premium category which hardly makes up for 2%-4% of the entire petrol [sold in the country],” Sharma said. “There is no increase in price for the common man.”
She added that such decisions on pricing were taken by oil companies independently as petrol pricing was deregulated in 2010 and diesel in 2014, PTI reported. “Government does not regulate petrol and diesel prices,” she added.
The conflict in West Asia began on February 28 when the United States and Israel launched an attack on Iran. Tehran has retaliated by launching missiles and drones at targets in the Gulf, including US bases, ships and major cities in the region.
Israel has been claiming that Iran is close to obtaining a nuclear weapon, which could alter the regional security balance. Tehran has long maintained that its nuclear programme is for civilian purposes.
Amid the conflict, Iran has effectively blocked the Strait of Hormuz, the narrow waterbody connecting the Gulf to the Arabian Sea, for most international commercial vessels. About 20% of global petroleum supply passes through the maritime chokepoint.
India imports 88% of its crude oil needs and about half of its natural gas requirement, PTI reported. This mostly comes through the Strait of Hormuz.
On Friday, the price of benchmark Brent crude also slid to $105 a barrel, after spiking to $119 a day earlier. The price was $78 per barrel on February 27, a day before the conflict started.
Source: Scroll
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