Just a few days ago, prices of petrol and diesel were increased at fuel pumps run by Naira Company. Now, another company has increased the prices of petrol and diesel in India. Shell India has increased the prices of petrol and diesel from April 1. Citing crude oil prices remaining above $100 per barrel, the private fuel retailer has increased fuel rates to cover its losses. In Bengaluru, petrol prices have been increased by ₹7.41 per litre. Apart from this, the price of diesel has been increased by ₹25.
As a result, the price of regular petrol has increased to ₹119.85, while the ‘Power’ variant now costs ₹129.85. Due to local taxes, fuel prices at these pumps may vary slightly in other cities. Diesel prices have increased even more, to ₹25.01 per litre. Regular diesel now costs ₹123.52, and premium diesel costs ₹133.52.
Can prices rise further?
According to a report by Moneycontrol, the main reason for this increase is the rise in oil prices due to the conflict related to Iran. Diesel prices are expected to rise further, potentially reaching the range of ₹148 to ₹165 per litre. However, no official announcement has been made in this regard yet. The report said that private fuel retail companies are under pressure as government companies have kept their prices largely unchanged despite the rising cost of crude oil. Unlike public sector companies, private oil retailers do not receive government compensation; As a result, they are forced to pass on the rising costs to their customers.
Naira also increased prices
Just a few days ago, Nayara Energy had also increased the prices of petrol and diesel. Petrol prices were increased by ₹5 per liter and diesel prices by ₹3 per litre. This company runs a network of 6,967 petrol pumps across the country. At the same time, Shell India runs a total of more than 325 petrol pumps in Karnataka (especially Bengaluru), Maharashtra, Gujarat, Tamil Nadu, Telangana and Assam.
How much have crude oil prices increased? It is worth noting that India imports about 88 percent of its crude oil requirements. As a result, fuel prices remain sensitive to any disruption in supply. Amid escalating conflicts in West Asia, concerns have grown about shipments passing through the Strait of Hormuz. Since February 8—when the US and Israel launched attacks on Iran—Brent crude prices have risen by as much as 60 percent.
