State-run oil marketing companies on Friday increased the price of their premium electric petrol by over Rs 2 per litre, keeping the prices of regular petrol and diesel unchanged.The revised rates are applicable to high-performance fuel variants including BPCL’s Speed, HPCL’s Power and IOCL’s XP95, with prices increasing in the range of Rs 2.09 to Rs 2.35 per litre.According to ANI, the price of regular gasoline has not changed. The review comes amid ongoing volatility in global energy markets due to the Middle East crisis. However, HPCL said it has taken steps to protect retail consumers from wider price increases.The ongoing conflict with Iran has triggered a sharp rise in global oil prices, largely due to disruptions around the Strait of Hormuz, a critical point through which nearly 20% of the world’s energy supply passes.
Increasing attacks on energy infrastructure by both sides, Iran and Israel-US, and threats to shipping in the region have driven crude oil prices above $100 a barrel, with peaks near $120 at peak levels, as markets price in supply risks.For India, the impact is significant due to its heavy dependence on imports. The country meets 85% to 90% of its crude oil needs from abroad, with approximately 40% to 50% of supplies channeled through the Strait of Hormuz.Any disruption in this corridor increases shipping costs, insurance premiums and overall import bills, while increasing the risk of supply shortages. Analysts warn that even a $10 rise in crude oil prices could substantially expand India’s import bill and increase inflationary pressures.The impact is already visible, with pressure on the rupee, foreign investor outflows and concerns over rising fuel and LPG costs.(With contributions from agencies)
