 announced a significant hike in the prices of premium petrol categories.){kind=link}
The escalating conflict in the Middle East has officially reached Indian fuel stations. On Friday, March 20, 2026, Indian Oil Marketing Companies (OMCs) announced a significant hike in the prices of premium petrol categories, citing the massive disruption in global energy supplies following the recent wave of US-Israeli strikes on Iran and subsequent retaliatory attacks on Gulf infrastructure.
The price of premium petrol brands—including BPCL’s Speed, HPCL’s Power, and IOCL’s XP95—has been increased by ₹2.09 to ₹2.35 per litre with immediate effect. While the Ministry of Petroleum and Natural Gas confirmed that regular petrol and diesel prices remain unchanged for the general public at this stage, the hike in the premium segment reflects the extreme volatility in the international market.
Global benchmark Brent crude surged past $119 a barrel this week after Iran targeted Qatar’s Ras Laffan LNG facility, effectively choking the Strait of Hormuz, a waterway responsible for a fifth of the world’s oil and gas transit.
Sujata Sharma, Joint Secretary in the Ministry of Petroleum, clarified during an inter-ministerial briefing that since petrol and diesel prices are deregulated, OMCs have the authority to adjust rates based on international trends.
She noted that premium petrol constitutes only 2–4% of India’s total fuel consumption, which is why the government has managed to keep “normal” petrol prices steady for the time being. However, the move is seen as a cautionary precursor to potential broader hikes if the “Refinery War” in the Gulf continues to escalate.
The impact is already visible on the ground. In Punjab, the Mohali Petrol Pump Association confirmed that the rate of premium petrol jumped from ₹105.16 to ₹107.13 per litre following the Friday morning notification. With European gas prices also spiking by 35% after Iran’s “major mistake” of hitting shared gas infrastructure at South Pars, analysts warn that the insulation of regular fuel prices may be short-lived if the maritime blockade in the Middle East persists.