India, the world’s third-largest consumer of crude oil, imports around 85 percent of its requirements. Recently, IndianOil Corporation announced a ₹2 per litre increase in the price of its premium petrol product, XP-95. This adjustment comes as international crude oil prices 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 rates in India remain unchanged. XP-95, which accounts for approximately 5 percent of total petrol sales in the country, is primarily targeted at high-performance vehicles.
IndianOil serves about 3.2 crore customers daily and refills over 27 lakh LPG cylinders, making it a significant player in the Indian energy market. The company also fuels over 2,800 flights at 130 airports across the nation.
A S Sahney, a spokesperson for IndianOil, reassured the public that there is no shortage of petrol or diesel in the country. He stated, “IndianOil outlets across the country are well-stocked and functioning normally.” Sahney urged consumers to avoid panic buying and rely only on official information, emphasizing that unverified rumors could lead to unnecessary panic and disrupt supply.
As of March 20, 2026, IndianOil’s market capitalization stands at ₹2,04,193 Crore, reflecting its robust position in the market. The company’s Q3 standalone net profit has seen a remarkable increase of 322% year-over-year, rising to ₹12,126 Crore from ₹2,874 Crore.
Observers are closely monitoring the situation as fluctuations in global crude oil prices continue to impact domestic fuel pricing. The increase in XP-95 prices may prompt discussions about broader implications for fuel costs in India, especially if crude prices remain volatile.
In light of these developments, officials are expected to provide further updates on fuel pricing strategies and market conditions in the coming weeks.
