State-run oil marketing companies (OMCs) raised the price of industrial diesel and premium petrol on Friday as global crude prices surged due to the West Asia conflict. While ordinary petrol and diesel prices remained unchanged, this was the first substantial rise in retail fuel prices of any category since March 2024.
Industrial diesel was hiked by ₹21.92 a litre, a 25% increase, taking the price in Delhi from ₹87.67 to ₹109.59 per litre. Premium petrol was raised by ₹2 a litre, from ₹99.89 to ₹101.89 in the capital.
The hike is attributed to surging international crude oil prices, with Brent crude surging to $119.5 per barrel on March 9, a 45-month high and a 64% jump from $72.87 per barrel before US-Israeli strikes on Iran began.
India, which imports about 88% of the crude oil and 50% of the natural gas it consumes, has maintained supplies through diversification. However, LPG supply remains a pressure point, with commercial LPG allocations being curtailed to protect domestic household supply.
