The government, however, assured that this is limited only to the premium variants and that the prices of the normal grades of petrol and diesel remain unchanged.
| Photo Credit: Muthuganesapandy. M
In what could be the first sign of cracks due to the fiscal stress brought on by skyrocketing global oil prices, Indian oil-marketing companies on Friday (March 20, 2026) increased the price of the premium variant of petrol and industrial diesel by approximately ₹2-3 and ₹22 per litre, respectively.
The government, however, assured that this is limited only to the premium variants and that the prices of the normal grades of petrol and diesel remain unchanged.
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In a social media post on Friday (March 20, 2026) evening, State-owned IndianOil confirmed the price of its premium petrol XP-95 which increased by ₹2 for every litre from ₹99.87 to ₹101.89. Hindustan Petroleum also announced a similar increase.
“IndianOil has ensured no increase in regular automotive fuel prices in India, even amid rising international costs,” the post said. “A limited revision applies only to premium petrol XP-95, with minimal impact on overall consumption.”
The refiner said that the premium variant of petrol accounts for about 5% of the overall petrol sales. Other than the car fuel, the price of industrial diesel was revised upwards from ₹87.67 to ₹109.59 per litre.
The hike in the price of premium petrol and industrial diesel contrasts with the OMCs’ actions when oil prices were low. A previous analysis by The Hindu found that the OMCs did not lower the price of any form of petrol or diesel over the past two-and-a-half years, even when oil prices fell to an average of $64 a barrel.
As of Friday (March 20, 2026) evening, Brent crude futures were trading at $108.1 for every barrel, continuing an upward trajectory as tensions continue to mount in West Asia. Further, according to data from the Petroleum and Planning Analysis Cell, India’s crude oil basket – the average price at which India imports oil – was averaging $117.09 for every barrel in the current month.
Earlier in the day, addressing queries about the increase in petrol prices, Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, said the hike would not impact the common man.
“That is [the premium variant] hardly represents 2-4% of the petrol which is sold every day in the country,” she said. “It is not that price of petrol has been increased [affecting] the common man.”
The increase in the price of premium car fuel also brought barbs from the Opposition. “While people are already troubled by the gas shortage, now they will also be made to pay on petrol,” the Indian National Congress said in a social media post.
(With inputs from Sandeep Phukan)
Published – March 20, 2026 10:22 pm IST
