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New Delhi. The ongoing severe tension and war situation in West Asia (Middle East) has created chaos in the global oil market. Its direct impact is now visible on the Indian market also. Oil marketing companies (OMCs) have announced an increase in the prices of premium petrol and industrial diesel. While the price of premium petrol (XP-95) has been increased by Rs 2.09 per liter, the price of industrial diesel has seen a huge jump of Rs 22.03. However, it is a matter of relief that the prices of normal petrol and diesel used by the common man have been kept stable for the time being.
Crude oil crosses $71 to $156: IOC issued statement
Indian Oil Corporation (IOC) shared an important information on Friday that the prices of crude oil in the international market. Increase from $ 71 to $ 156 per barrel Have reached. Despite this huge increase globally, the prices of regular fuel have not been increased in India. The company says that this responsible step has been taken so that the common consumers do not have to bear additional burden of inflation.
Why did premium and industrial fuel become expensive?
According to IOC, premium petrol (XP-95) consumption is a very small part of the total fuel consumption. It is mainly used in high-performance and luxury cars. Whereas industrial diesel is used in big factories, generators and commercial activities. The purpose of increasing prices in both these categories is to create a balance between global costs and domestic supply, so that the general public can be protected from sudden major shocks.
Impact on supply chain: India’s strategy
The global supply chain has been badly affected due to the ongoing conflict in West Asia. Despite this, government oil companies have assured that fuel supply in the country will continue without any interruption. Experts believe that oil companies are currently bearing a large part of the increased cost of crude oil themselves, so that there is stability in the retail market.
Promise of reliable service
Indian Oil has clarified that no matter how challenging the global situation is, their primary goal is to provide uninterrupted fuel delivery to every corner of the country. The company has assured the customers that there will be no shortage of fuel in India and the prices will be decided with utmost responsibility.