Petrol price hike: Indian oil companies raise premium petrol rates by up to ₹2.35 per litre:-
India’s refineries are operating at full capacity. oil marketing companies are conducting inspections to prevent unethical practices. India has diversified its crude oil sourcing. Oil marketing companies hiked the premium petrol price by up to 2.35 per litre with immediate effect on Friday amid the ongoing war between US- Israel and Iran that has led to global energy disruptions, as per ANI.
Prices of Bharat Petroleum Corporation Limited [BPCL] :-
Prices of Bharat Petroleum Corporation Limited [BPCL] speed, Hindustan Petroleum Corporation Limited [HPCL] Power fuel and Indian Oil’s XP90 increased by ₹2.09-₹ 2.35 per litre. However, there is no change in the price of regular petrol at present.
This comes amid escalating war in the Middle East as countries Targkey energy infrastructure, impacting oil and gas supplies worldwide. An oil ministry official, in a recent official briefing, stated that India’s refineries are operating at full capacity and fuel outlets so far.
Sujata Sharma, Joint Secretary [Marketing & oil Refinery], Ministry of Petroleum & Natural Gas, noted that oil marketing companies [OMCs] are conducting surprise inspections across outlets to prevent unethical practices.
The petrol price hike, comes a day after Sharma said India is facing pressure in terms of crude oil supply, but the government has not raised the price yet.
India clarifies Strait of Hormuz transit, no permission needed for ships. :-
Four Indian-flagged LPG carriers have recently crossed, escorted by the Indian Navy, with no reported shortages of fuel in India. New Delhi: India on Tuesday clarified that no permission is required for ships to transit the Strait of Hormuz, amid reports that vessels need clearance from Iranian authorities.
“It is international strait. Every state has a right of freedom of navigation through that strait,” said Rajesh Kumar Sinha, special secretary in the ports, shipping and waterways ministry. “No permission is needed [to cross the strait]. Earlier also, no permission was needed. Now also, it’s not needed.”
International regulations do not allow any levy be imposed on ship transiting the strait, Sinha said. However, given the current special situation, movements must be assessed for safety and appropriate timing, he added.
Iran’s foreign ministry :-
Iran’s foreign ministry on Sunday said any initiative related to the safety of navigation in the Strait of Hormuz “must be undertaken with full respect for the rights and interests of the Islamic Republic of Iran, in coordination with its competent authorities, and with due regard to the realities arising”.
Four Indian-flagged LPG carriers have crossing the strait in recent days, with two reaching India last week. Two more vessels that crossed on Monday are expected to reach Kandla and New Mangalore on March 26 and 27, respectively, Sinha said. The ships are carrying about 93,000 tonnes of LPG-enough to meet roughly a day’s consumption-and are being escorted by the Indian Navy.
Around 20 Indian-flagged ships remain in the Persian Gulf, including five LPG carriers, with another vessel set to load LPG in coming days,
There is no shortage of petrol and diesel anywhere in the country, and there is no need for panic, said Sujata Sharma, joint secretary, petroleum and natural gas ministry, She attributed long queues at petrol pumps in parts of Gujarat on Monday to rumours of shortages, which were quickly addressed.
Punjab LPG distributors say gas supply ‘inadequate’ even as Union govt claims otherwise:-
They cited a sudden price hike and restrictive booking intervals, leading to panic and a backlog of 2,000-5,000 booking per agency. distributors are facing public pressure and a 20% cut in domestic supplies. Chandigarh, Punjab-based LPG distributors
On Tuesday said there was an “inadequate” supply of gas, despite the Union government and oil marketing companies claiming adequate availability, and demanded an increase in supplies to clear the backlog.
Addressing media persons here Federation of LPG Distributors of Punjab president Gurpal Singh Mann Claimed that a sudden increase in LPG prices– 60 per domestic cylinder and 115 per commercial cylinder– created panic among consumers who apprehended a possible supply shortage.
Mukesh Ambani-led Reliance Industries denies buying Iranian oil, calls reports ‘baseless’:-
This clarification follows international reports suggesting Reliance purchased Iranian crude after a temporary U.S. sanctions waiver. Reliance urges media to verify facts before publishing such information.
Reliance Industries has denied media reports alleging that it purchased crude oil of Iranian origin, calling the claims “baseless” and misleading.
In a statement issued in response to the reports, the company said, “Reliance Industries Limited categorically rejects recent media reports that the company has purchased crude oil of Iranian origin. These reports are baseless leading to misleading and incorrect claims”.