Shell India Raises Fuel Prices Amid Rising Global Oil Costs
Fuel Price Hike: After Nyara, Shell Raises Petrol Prices By Rs 7.41, Diesel By Rs 25.01
News 18
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Shell India has increased petrol prices by ₹7.41 and diesel prices by ₹25.01 per litre, following a similar hike by Nayara Energy. The price adjustments come as global crude oil prices surge due to geopolitical tensions, particularly the conflict involving Iran, impacting fuel costs across India.
- 01Shell India raised petrol prices by ₹7.41 and diesel by ₹25.01 per litre.
- 02The price of standard petrol in Bengaluru is now ₹119.85 per litre.
- 03Diesel prices could reach ₹148-165 per litre amid ongoing supply concerns.
- 04Private fuel retailers are under pressure as state-run companies maintain stable prices.
- 05India imports nearly 88% of its crude oil, making it vulnerable to global price fluctuations.
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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.
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The increase in fuel prices will likely raise transportation costs, affecting the prices of goods and services for consumers in India.
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