The price of premium petrol in India has been hiked by up to ₹2.35 per litre, effective March 20, due to the Middle East conflict triggered by US-Israeli strikes on Iran. The prices of BPCL's Speed, HPCL's Power, and IOCL's XP95 have been increased by ₹2.09 to ₹2.35 per litre, as reported by ANI news agency.
However, there is no change in the price of regular petrol at present, and diesel prices remain unchanged in India for now.
Confirming the development, Sujata Sharma, joint secretary of the ministry of petroleum and natural gas, said that petrol and diesel prices are deregulated and decided by oil marketing companies.
The February 28 US-Israeli strikes on Iran have sparked a massive exchange of drones and missiles, affecting the entire Gulf region and virtually closing off the Strait of Hormuz, a key waterway that carries a fifth of the world's oil and liquefied natural gas.
Oil and gas prices soared globally on Thursday after Iran hit the world's largest liquefied natural gas facility in Qatar and threatened to destroy the region's energy infrastructure, while Donald Trump warned of a "massive blow" by the US if such attacks continued.
