International benchmark Brent crude oil price soared to a 45-month high of nearly $120 per barrel on Monday morning, a 64% jump from $72.87 a barrel before the US-Israel war with Iran 10 days ago.
Indian refiners, particularly state-run firms like Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation, are facing squeezed margins on petrol and diesel.
Experts say that Indian refiners should hold the pump prices for petrol and diesel as they had reaped huge benefits of lower international oil prices without proportionately reducing retail prices of auto fuels.
The combined net profit of the three firms rose 192% to ₹57,810 crore in the first nine months of FY26 from ₹19,768 crore a year earlier.
International crude prices softened a bit during the intraday trade on Monday, but experts say that if war does not escalate further and disrupt the energy infrastructure of West Asia, international oil prices should not go beyond the $120-130 levels.
