Nayara, Shell Hike Petrol, Diesel Prices; Indian Oil Raises Premium Fuel Costs Amid Govt Assurance
New Delhi: Despite the Government of India recently assured that there is adequate availability of petrol, diesel, LPG and PNG across the country, private petroleum company Shell has hiked prices of petrol and diesel significantly.
The price hikes follow Nayara’s increase last week, amid the oil disruption due to the conflict in West Asia. While Shell hiked the diesel price by a considerable Rs 25 a liter, the petrol price has been increased by Rs 7.4.
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Diesel saw a sharper spike of Rs 25.01 a litre. The normal variant now retails at Rs 123.52 and the premium at Rs 133.52. The hike is attributed to a surge in global oil prices following the Iran war. Diesel prices could rise further, potentially touching Rs 148-165 a litre, as per predictions.
Shell has not made any comments regarding the reason for the price hike. The company has more than 350 outlets across eight markets. Notably, private fuel retailers have been under pressure as state-run companies have largely kept prices unchanged despite rising crude costs. These companies receive no compensation for holding retail prices like public sector firm, forcing them to hike the price to survive.
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India, which relies nearly 88 percent of its crude oil from imports, is increasingly affected by the supply chain disruptions due to the ongoing war on Iran.
