India’s largest fuel retailer Indian Oil Corporation (IOCL) increased the price of its premium petrol variant XP-95 by ₹2 per litre on Friday. IOCL has kept regular petrol and diesel prices unchanged to cushion consumers from global volatility.

The selective hike comes against the backdrop of a dramatic surge in international crude oil prices, which IOCL said jumped from $71 to $156 per barrel in just 20 days. Despite the sharp escalation, the company said in an official statement that the revision is limited to its premium offering and will have minimal impact on overall fuel consumption.

“As global crude prices surge, stability at home matters more than ever,” IOCL said in a statement. The move showed a calibrated pricing approach aimed at balancing fiscal pressures with demand stability.

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Oil marketing companies such as Hindustan Petroleum Corporation (HPCL) have also raised the price of ‘Power’ petrol by ₹2.09 per litre in metro cities, including Mumbai and Delhi.

The government backed the decision during an inter-ministerial review of essential supplies. Joint Secretary at the Ministry of Petroleum and Natural Gas Sujata Sharma confirmed during a presser that the increase applies only to premium-grade petrol. “Normal petrol and diesel prices have not been increased,” she said.

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Prices of industrial diesel surge by 25%

However, industrial consumers face steeper costs. Prices of industrial diesel have risen by 25%, from ₹87.67 to ₹109.59 per litre, potentially raising input costs across sectors such as logistics and manufacturing.

Meanwhile, concerns over fuel shortages appear to be easing. The ministry reported a sharp decline in panic LPG bookings, with only 55 lakh cylinders booked on Thursday.