Indian Oil Corporation (IOC) announced revision in petroleum and diesel prices. However good news for consumers is they won’t feel the heat for now.
The price hikes are limited to industrial fuel like bulk LPG and fuel for international airlines, which affect a much smaller segment.
Here are all details –
Fuel price: What has been hiked
According to the company, about 16% of petroleum products have seen a price increase, largely in industrial categories, while the bulk of consumer-facing fuels remain unaffected.
- Prices of Bulk and commercial LPG cylinders, which is less than 1% of total consumption, have been revised
According to a report by Reuters, The price of a 19-kilogram commercial LPG cylinder for industrial clients was hiked by Rs 993, or 47.8%, to Rs 3,071.5.
- Prices of Bulk Diesel and ATF for international airline operations have been adjusted upward.
The price hikes come amid a sharp surge in global oil prices, which have climbed above $100 a barrel following the closure of the Strait of Hormuz amid the ongoing Iran war. IOC clarification came after crude surged $125 per barrel on Wednesday.
What has not been changed: Household fuel & domestic airline’s ATF
IOC said there has been no change in petrol and diesel prices for the general public, which accounts for nearly 90% of total fuel consumption in the country.
Prices of domestic LPG cylinders (14.2 kg), used by around 33 crore households, have also been kept unchanged.
There has been no revision in aviation turbine fuel (ATF) prices for domestic airlines operating scheduled services.
Prices of kerosene supplied under the public distribution system (PDS) have also remained stable.
“Overall, approximately 80% of petroleum products have witnessed no change in prices, ensuring stability for the majority of consumers,” the company said.
OMCs shield consumers: IOC
IOC said that the oil marketing companies (OMCs), under the guidance of the Ministry of Petroleum and Natural Gas, have adopted a calibrated approach to align with global trends while protecting domestic consumers and ensuring economic stability.
“Price revisions have been limited to select industrial segments, which constitute a relatively small share of overall consumption and are subject to routine monthly adjustments based on prevailing international prices,” IOC said in its release.
Some products see price cuts
IOC added that around 4% of petroleum products have seen a decline in prices, reflecting fluctuations in international markets.