Indian oil companies have increased the price of premium petrol by ₹2, amid disruptions in global energy supplies due to the Middle East conflict. Prices of BPCL's Speed, HPCL's Power, and IOCL's XP95 have been increased by ₹2.09 to ₹2.35 per litre.
The increase in power petrol price comes as the Strait of Hormuz, a key waterway, remains virtually closed off due to Iran's retaliatory strikes. The drone and missile exchange has rattled the entire Gulf region, with a sharp escalation this week.
The Strait of Hormuz carries 20% of the world's oil and liquefied natural gas requirements. Iran relies on the gas field to meet its domestic energy requirements, while Qatar uses it for global LNG exports.
