&imwidth=800&imheight=600&format=webp&quality=medium "Premium petrol price hike by Rs 2.35 per litre in India amid Iran war – Check fuel rates today")
Prices of premium petrol in India have increased by up to Rs 2.35 from Thursday (Mar 20) as Oil marketing companies (OMCs) are pushed to absorb the higher crude oil import costs. This comes amid the rising uncertainty over global energy supply during the Iran war. As the conflict in West Asia enters its third week, hostilities continue to rise. The war, which started on February 28 after US and Israeli forces launched joint strikes on Tehran, killing its supreme leader Ali Khamenei, has rattled global energy markets. This week, Brent crude reached as high as nearly $108 a barrel.
Petrol price today
According to ANI, Prices of BPCL’s Speed, HPCL’s Power, and IOCL’s XP95 have been increased by Rs 2.09-Rs 2.35 per litre. However, the price of regular petrol remains unchanged currently.
Perium or high-octane fuels are considered to provide higher performance with better engine efficiency and smoother performance. These alternative fuels are used in select vehicles and make up a smaller share of overall fuel consumption.
Why are fuel prices rising?
Amid the escalating tensions in West Asia, Iran has shut down the Strait of Hormuz and warned that any vessel attempting to pass could be targeted and set on fire, with several oil tankers being hit in recent days. In recent days, at least 3 India-flagged LPG tankers have crossed the strait after discussions with Iran.
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The Strait of Hormuz is the only maritime outlet for ports located in the Persian Gulf. Its blockage has significantly affected global energy supply, triggering a sharp rise in oil prices.
On February 28, the US and Israeli military launched strikes on Iran, killing Iran’s supreme leader Ali Khamenei and several other top Iranian officials. The operation was named ‘Epic Fury’ by the US and ‘Lion’s Roar’ by Israel. The attacks came amid heightened tensions between Washington and Tehran and ongoing talks over Iran’s nuclear program. In retaliation, Iran launched attacks on Israel and US military bases in the region, including in Bahrain, Kuwait, the UAE, Iraq, Qatar, Saudi Arabia, Jordan, and Azerbaijan.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
