Premium petrol gets costlier by ₹2.3 per liter
What's the story
The price of premium petrol has been raised by ₹2.3 per liter across India. The hike was confirmed by petrol dealers and comes as a result of ongoing geopolitical tensions in the Middle East that have been impacting global fuel markets. The revised rates came into effect on March 20, 2026, according to CNBC-Awaaz.
Affected consumers
Price hike to mainly impact consumers using high-octane petrol
The price hike will mainly impact consumers who use high-octane or premium petrol, which is usually preferred for better engine performance and mileage. No official reason has been given for the increase, but experts believe it could be due to fluctuations in global crude oil prices and changes in logistics costs amid the ongoing Iran-US conflict.
Oil market response
Brent crude was trading above $100 per barrel
Oil prices fell on Friday as major European countries and Japan offered to help secure safe passage for ships through the Strait of Hormuz. The US also announced plans to increase oil supply. However, despite these developments, Brent crude was still trading above $100 per barrel. To curb rising oil prices, Treasury Secretary Scott Bessent hinted at possible sanctions relief on Iranian oil stuck on tankers and a possible additional crude release from the US Strategic Petroleum Reserve.
Economic forecast
Elara Capital warns of potential 'breaking point' for India
Elara Capital has warned that a decisive move above the $110 per barrel mark could have widespread negative effects on the Indian economy. This could affect government finances, consumer spending, and corporate profitability. The brokerage also noted that crude oil prices crossing this threshold could represent a "breaking point" for India's ability to absorb higher fuel costs through taxes and subsidies.