IOCL, HPCL hike premium petrol prices by ₹2/litre, industrial diesel rates up by ₹22/litre

State-backed oil marketing companies (OMCs) — Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) — hiked the prices of premium petrol by ₹2 per litre. IOCL's XP95 is currently retailing at ₹101.80 per litre, whereas HPCL has also increased the price of its premium petrol by ₹2-2.3 per litre at various petrol pumps. 

The price hike is effective immediately from March 20 (Friday) onwards. Moreover, IOCL hiked industrial diesel prices by more than ₹22 per litre from ₹87.57 per litre to ₹109.59 per litre. 

There, however, is no change in the price of regular petrol and diesel at present. 

Meanwhile, fuel prices held steady on Friday even as global crude markets remain volatile amid ongoing tensions in West Asia and disruptions to the strategically vital Strait of Hormuz. 

In Delhi, petrol continues to retail at ₹94.77/litre, whereas diesel sells at ₹87.67/litre. Prices remain higher in Bengaluru and Mumbai. In Bengaluru, a litre of petrol costs ₹102.92 while diesel continues to retail at ₹90.99/litre. 

In Mumbai, petrol costs ₹103.54/litre and diesel retails at ₹90.03/litre. Petrol and diesel rates have also remained constant in metros like Hyderabad, Kolkata and Chennai. 

Commenting on the development, Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, said that only premium petrol prices have gone up. She added that prices of petrol and diesel have been deregulated, stating that any price hike is a "corporate call". 

Amidst all this, crude oil prices continue to remain above $100 per barrel due to fears of supply disruptions. At the time of writing this story, Brent crude stands at $110 per barrel whereas West Texas Intermediate (WTI) crude stands at $95.44 per barrel. 

India's crude oil import bill in April-February fell more than 12 per cent on year to $109.6 billion despite a rise in import volumes, the Petroleum Planning and Analysis Cell (PPAC) said in a report. India imported 225.7 million tonnes of crude oil during the period, up over 2 per cent from a year ago.