The escalating conflict in the Middle East has started taking a toll on the Indian economy, with oil marketing companies (OMCs) announcing a significant hike in fuel prices effective today, March 20. As global crude oil prices surged past $108 per barrel due to the ongoing tensions between Iran and Israel, the impact has translated into higher costs for high-performance fuel and industrial diesel in the domestic market.

According to the latest update, the price of premium petrol variants—such as BPCL’s ‘Speed’, HPCL’s ‘Power’, and IOCL’s ‘XP95’—has been increased by ₹2.09 to ₹2.35 per litre across major cities. More alarmingly, the price of bulk diesel, used primarily by industrial consumers and telecom sectors, has seen a massive jump of approximately ₹22 per litre. While the government has managed to keep the prices of regular petrol and diesel unchanged for now to shield retail consumers, the surge in industrial costs is likely to trigger inflationary pressure on essential goods.

This fuel hike comes closely on the heels of a ₹60 increase in domestic LPG cylinder prices earlier this month (March 7). Currently, regular petrol in Kolkata is retailing at ₹105.45/litre, while diesel stands at ₹92.02/litre. Experts warn that with the Strait of Hormuz—a critical oil transit route—facing potential disruptions, the energy crisis could deepen. As the shadow of war looms large, the common man is left bracing for a tough summer of rising expenses and a shrinking budget.