IndianOil Adjusts Premium Petrol Prices Amid Rising Crude Oil Costs
India, the world’s third-largest consumer of crude oil, imports around 85 percent of its requirements. In a significant move reflecting the volatile global oil market, IndianOil has recently increased the price of its premium petrol product, XP-95, by ₹2 per litre. This adjustment comes as international crude oil costs have nearly doubled from US$71 to US$156 per barrel over the past 20 days.
Despite this increase in premium petrol prices, standard petrol and diesel prices in India remain unchanged, providing some relief to consumers. XP-95, which accounts for approximately 5 percent of total petrol sales in the country, is primarily targeted at high-performance vehicles.
IndianOil, which serves 3.2 crore customers daily and refills over 27 lakh LPG cylinders, has reassured the public that there is no shortage of petrol or diesel in the country. A S Sahney, a spokesperson for IndianOil, emphasized, “IndianOil outlets across the country are well-stocked and functioning normally.”
In light of the recent price adjustments, Sahney cautioned against panic buying, stating, “Unverified rumours can lead to unnecessary panic and disrupt supply.” He urged consumers to rely only on official information regarding fuel availability.
As a major player in the energy sector, IndianOil fuels over 2,800 flights at 130 airports across India, highlighting its critical role in the aviation industry as well. The company’s market capitalization stands at ₹2,04,193 Crore, reflecting its significant presence in the market.
In its latest financial report, IndianOil announced a remarkable Q3 standalone net profit of ₹12,126 Crore, marking a 322% year-on-year increase from ₹2,874 Crore. This impressive growth underscores the company’s resilience and adaptability in a challenging economic environment.
Looking ahead, officials anticipate that the ongoing fluctuations in global oil prices may lead to further adjustments in fuel pricing. However, they remain committed to ensuring a steady supply of fuel to meet the needs of the Indian populace.
As the situation develops, consumers are encouraged to stay informed through official channels to avoid misinformation and unnecessary panic. Details remain unconfirmed regarding future price changes, but IndianOil’s commitment to service remains steadfast.
