State-Run OMCs Raise Premium Petrol Prices by Up to ₹2.35 Per Litre, Effective March 20

India's state-run oil marketing companies (OMCs) — Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) — have revised upward the retail prices of their respective premium petrol variants by between ₹2.09 and ₹2.35 per litre, with the new rates taking effect from March 20, 2026, Livemint reported.

The price adjustment applies specifically to branded, high-performance fuel products: HPCL's Power, IOCL's XP95, and BPCL's Speed variants have all seen increases within this range. The per-litre price of these premium fuels now stands at approximately ₹113.77, up from around ₹111.68 earlier. Prices of regular petrol, however, remain unchanged, meaning consumers who use standard fuel will not see any immediate increase in their daily fuel expenses.

The revision comes against the backdrop of Brent crude oil trading between $102 and $103 per barrel in March 2026 — a rise of over 40 percent in the past month — driven by heightened geopolitical risks in the Middle East, including disruptions in the Strait of Hormuz linked to the ongoing conflict involving Iran. India, which imports 85 to 90 percent of its crude requirements, much of it from the Middle East, has been particularly exposed to these supply-side pressures.

The situation escalated after strikes on Iran in late February, leading to intensified military exchanges across the Gulf region, further unsettling global energy markets. The premium petrol hike is the latest in a series of energy price adjustments since early March; domestic LPG cylinder prices were also revised upward on March 7, marking the first such increase in approximately 11 months, with analysts linking that move too to the widening Middle East crisis.

Shares of the three OMCs — Indian Oil, BPCL, and HPCL — rose by up to 3.5 percent on Friday following the announcement, as the price revision improved investor sentiment. The companies had been under considerable financial strain in recent weeks, with OMC stocks having fallen 15 to 20 percent through March alone, amid frequent single-day drops as Brent crude held at elevated levels. S&P Global Ratings and other analysts had warned of significant profit impact if frozen retail prices and rising input costs continued to squeeze marketing margins.

HPCL stated it has taken measures to cushion retail consumers from broader price pressures, though no further elaboration was provided at the time of reporting. BPCL had not issued an official communication on the revision, the Livemint report noted.

The current revision is limited to the premium segment and does not affect diesel prices, which remain a key variable for freight, agriculture, and public transport costs across the country. Analysts indicate that whether further adjustments to regular petrol and diesel follow will depend on the trajectory of global crude prices and the pace of any de-escalation in the Gulf.