Hindustan Petroleum Corporation Limited (HPCL) has raised the price of its premium Petrol by Rs 2 per litre. These new rates took effect. The state-run petroleum company did not give a specific reason for the increase, but it is thought that changes in global crude oil prices and logistics costs due to the ongoing Iran-US conflict may have influenced this decision.
Premium Petrol price rise by Rs 2
On the other hand, the price of HPCL’s regular petrol remains the same. Earlier, HPCL said on X that there is no disruption in crude oil supply. They noted that additional cargoes are already en route and will strengthen India’s supply position in the coming days. The company urged the public to avoid rumors and trust official updates.
Where the prices rise?
Despite the premium petrol price increase, India remains an outlier concerning fuel price rises during the Iran war. This is notable since India heavily relies on imports for its energy needs. Data from Global Petrol Prices reveals that at least 95 countries saw increases in petrol prices from February 23 to March 11, which aligns with the fresh conflict in Iran starting on February 28. The largest price spikes occurred in import-dependent countries
- Cambodia: +67.8 %
- Vietnam: +49.7 %
- Nigeria: +35 %
- Laos: +32.9 %
- Canada: +28.4 %
- United States: +16.5 %
- Germany: +13.3 %
- France: +6.4 %
Premium petrol is designed for better engine performance and improved mileage. It is mainly used in luxury, sports, and high-performance vehicles and is also referred to as high-octane fuel or power petrol. Therefore, HPCL’s price increase mainly affects wealthier buyers.
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