The price of 100-octane petrol in Delhi has been hiked from Rs 149 to Rs 160 per litre, an increase of Rs 11, effective April 1. Additionally, the price of premium diesel, which contains additives and has a higher cetane number than regular diesel, has also gone up from Rs 91.49 to Rs 92.99 per litre. The hike comes amid a surge in crude oil prices and supply disruptions owing to the ongoing conflict in West Asia.
- Prices of regular petrol and diesel remain unchanged
- 95-octane petrol price rose by up to Rs 2.35 per litre on March 20
- Our crude inventory is sufficient: Indian government
On March 20, Indian state-run oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation – increased the retail prices of 95-octane petrol by up to Rs 2.35 per litre.
No change in regular petrol, diesel rates
It should be noted that prices of regular petrol and diesel remain unchanged, at least at the time of writing. This is due to last week’s excise duty cut by the finance ministry, which reduced the duty on petrol to Rs 3 per litre from Rs 13, while the duty on diesel was brought down to zero from Rs 10. “Every pump in India continues to offer regular petrol and diesel at unchanged prices, even as prices in countries all over the world have risen by 30-50 percent,” the Ministry of Petroleum and Natural Gas said. For reference, as of today, Indian Oil lists petrol and diesel prices in Delhi at Rs 94.77 and Rs 87.67 per litre, respectively.
Despite ongoing volatility in global oil markets, the government maintains that fuel availability remains stable across the country. “As you are all aware, our crude inventory is sufficient, and the Government of India has made arrangements to ensure adequate crude supply for the next two months,” ANI reported Sujata Sharma, joint secretary in the Ministry of Petroleum and Natural Gas, as saying today at a press conference. She also assured that oil refineries are operating at optimal capacity, and no instances of fuel shortages have been reported at retail outlets.
Even though the price of Brent crude has increased from around USD 70 per barrel two months ago to over USD 100 now, there has been no rise in petrol and diesel prices for domestic consumers. “The prices of [regular] petrol and diesel have not been raised since April 6, 2022; furthermore, in March 2024, the prices of both fuels were reduced by Rs 2,” Sharma added.
Private players have hiked fuel prices
According to a Moneycontrol report, private-sector companies Nayara and Shell have raised the prices of both regular petrol and diesel to minimise losses with crude staying above USD 100 a barrel. The report added that Shell petrol pumps in Bengaluru have increased regular petrol prices by Rs 7.41 per litre to Rs 119.85. On the other hand, diesel has seen a steeper increase of Rs 25.01 per litre, now retailing at Rs 123.52.
Panic buying at fuel stations reported
While the government denies any fuel shortage, recent reports from some regions point to long queues at fuel stations, with signs of panic buying and hoarding. Previously, in some parts of Andhra Pradesh, a few fuel stations were rationing supplies for transport vehicles, citing delays and operational issues at depots. Dealer associations also raised concerns over delayed supplies, warning that if the situation continues, it could lead to temporary shortages at some outlets.
Glenn Noronha
Dipan Sur
Viraaj Bhatnagar
