Premium petrol prices hiked by up to Rs 2.35 per litre amid Middle East tensions

State run oil marketing companies on Friday increased the price of their premium-grade power petrol by over Rs 2 per litre, while keeping the prices of regular petrol and diesel unchanged.The revised rates apply 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. There has been no change in the price of regular petrol, according to ANI. The revision comes amid ongoing volatility in global energy markets due to the Middle East crisis. However, HPCL said it has taken steps to shield retail consumers from broader price increases.The ongoing Iran conflict has triggered a sharp surge in global oil prices, largely due to disruptions around the Strait of Hormuz, a critical chokepoint through which nearly 20% of the world’s energy supplies pass.Escalating attacks on energy infrastructure by both sides, Iran and Israel-US, and threats to shipping in the region have pushed crude prices above $100 per barrel, with spikes nearing $120 at peak levels, as markets priced in supply risks.For India, the impact is significant due to its heavy dependence on imports. The country meets about 85–90% of its crude oil needs from overseas, with roughly 40–50% of supplies routed through the Strait of Hormuz.Any disruption in this corridor increases shipping costs, insurance premiums and overall import bills, while also raising the risk of supply shortages. Analysts warn that even a $10 rise in crude prices can substantially widen India’s import bill and add to inflationary pressures.The impact is already visible, with pressure on the rupee, foreign investor outflows, and concerns over rising fuel and LPG costs.(With inputs from agencies)