India is the world’s third-largest consumer of crude oil, importing around 85 percent of its requirements. In a significant move, IndianOil has 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, standard petrol and diesel prices in India remain unchanged. XP-95 accounts for approximately 5 percent of total petrol sales in the country, indicating that the impact may be limited to a niche market.
IndianOil serves 3.2 crore customers daily and refills over 27 lakh LPG cylinders, playing a crucial role in the country’s fuel supply chain. The company fuels over 2,800 flights at 130 airports, highlighting its extensive reach in the aviation sector.
In response to the price hike, Indian Oil Corporation reassured the public, stating, “There is no shortage of petrol or diesel in the country.” A S Sahney, an executive at IndianOil, emphasized that outlets across the nation are well-stocked and functioning normally.
“Unverified rumours can lead to unnecessary panic and disrupt supply,” Sahney warned, urging consumers to avoid panic buying and rely only on official information.
As of March 20, 2026, IndianOil’s market capitalization stands at ₹2,04,193 Crore, with a remarkable Q3 standalone net profit of ₹12,126 Crore, reflecting a 322% year-on-year increase from ₹2,874 Crore.
Observers note that while the price of XP-95 has risen, the stability of standard fuel prices may help mitigate public concern. However, with global oil prices fluctuating, further adjustments cannot be ruled out.
Details remain unconfirmed regarding any potential future price changes, but the situation will be monitored closely as the market evolves.
