Western Asia Crisis Drives Spike in Crude Oil Prices; Premium Petrol and Industrial Diesel Become Costlier
The impact of rising crude oil prices, triggered by the ongoing crisis in Western Asia, has begun to reflect in domestic fuel pricing. Public sector oil companies have increased the price of premium petrol by approximately ₹2 to ₹2.50 per litre.
Alongside this, the companies have raised the price of industrial diesel by ₹22 per litre. However, there has been no increase in the prices of regular petrol and diesel.
Responding to questions regarding the absence of any hike in regular petrol and diesel prices, Sujata Sharma, Joint Secretary in the Petroleum Ministry, stated that fuel prices are determined by oil companies themselves.
She explained that petrol and diesel prices in India are deregulated, meaning that the authority to set prices rests with the companies.
Sharma emphasized that the government’s foremost priority is to ensure continuity of supply.
She added that, as of now, there has been no increase in the prices of regular petrol and diesel.
With regard to premium petrol, she pointed out that its share in domestic consumption remains limited, accounting for roughly three to four percent.
The Petroleum Ministry further stated that domestic LPG production has increased by 40 percent.
Nevertheless, India continues to rely significantly on imports. For this reason, the government has reduced the allocation of commercial LPG in order to maintain a stable supply of domestic LPG.
The ministry reiterated that the LPG situation remains a matter of concern. Authorities in various states have taken action against those involved in black marketing and hoarding of LPG cylinders. More than 4,000 raids have been conducted across the country.
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