On April 1, 2023, Shell India announced a significant increase in fuel prices, raising petrol by ₹7.41 per litre and diesel by ₹25.01 per litre. In Bengaluru, the standard petrol variant is now priced at ₹119.85 per litre, while the premium variant costs ₹129.85. Diesel prices have surged to ₹123.52 for regular and ₹133.52 for premium variants. This price hike follows a similar increase by Nayara Energy, which raised petrol prices by ₹5 and diesel by ₹3 per litre just days earlier. The hikes are attributed to rising global oil prices, driven by geopolitical tensions, particularly the conflict involving Iran, which has seen Brent crude prices surge by approximately 60% since late February. As private retailers like Shell and Nayara face pressure to adjust prices, state-owned companies continue to keep their rates steady, controlling about 90% of the market. Currently, a litre of petrol in Delhi remains at ₹94.77, while diesel is priced at ₹87.67.