Petrol Diesel Price Hike: If you’re heading to a petrol pump to fill up on petrol or diesel, this news may be useful. Reliance Industries-backed Jio-BP has significantly increased petrol and diesel prices at its pumps. Previously, Nayara Energy also raised fuel prices at its pumps. This means that if you visit a Nayara Energy or Jio-BP pump without prior information, you may have to pay a heavy price.
How much did the increase?
According to reports, Jio-BP has raised petrol prices by Rs 5 per liter and diesel prices by Rs 3 per liter. Following this price adjustment that took effect from Sunday, fuel retailers report that petrol is now available at approximately Rs 108.54 per liter and diesel at Rs 99.19 per liter across Punjab. In Haryana, Jio-BP petrol stations are offering petrol at roughly Rs 109.80 per liter and diesel at Rs 97.75 per liter. It’s noteworthy that Rosneft-backed Nayara Energy had similarly increased petrol and diesel prices by Rs 5 and Rs 3 per liter respectively on October 3.
Prices increased for the first time in a year
Following the February conflict between Iran and the United States, the Strait of Hormuz experienced closure. This development significantly disrupted the oil supply chain. In response to these circumstances, other oil companies had adjusted petrol and diesel prices upward, though Jio-BP is implementing price increases for the first time this year. Jio-BP, a partnership between Mukesh Ambani’s Reliance Industries and the British company BP, manages 2,227 petrol pumps throughout the country.
Restrictions on fuel sales
During September, Jio-BP established a 50-liter cap per transaction for diesel purchases. Jio-BP has recently confirmed that all its petrol pumps remain fully operational with adequate fuel supplies. The company stated it is implementing suitable measures to guarantee fair fuel distribution for transportation and other purposes, considering the current demand levels.
However, on October 1, Neeraj Mittal, Secretary of the Union Ministry of Petroleum and Natural Gas, announced that the government plans to engage with private refiners regarding recent diesel sales restrictions and encourage them to lift these limitations. With Jio and BP having now increased fuel prices, industry observers anticipate that customers may transition to competing oil company pumps. It’s important to recognize that the majority of petrol pumps nationwide are operated by state-owned oil companies. State-owned oil companies have not implemented any adjustments to petrol or diesel pricing.