Jio-bp Hikes Petrol by ₹5 and Diesel by ₹3 Per Litre as Soaring Crude Squeezes Margins

NEW DELHI — Private fuel retailer Jio-bp has raised retail petrol prices by ₹5 per litre and diesel by ₹3 per litre across its national network of 2,304 pumps.The price hike, which took effect from 6:00 am on Sunday, October 11, comes amid surging international crude oil prices triggered by escalating Middle East conflict and supply chain disruptions around the Strait of Hormuz.

The move follows a matching price revision implemented on October 3 by Nayara Energy, India's largest private fuel merchant with over 7,000 outlets.Meanwhile, state-run Oil Marketing Companies (OMCs)—Indian Oil, Bharat Petroleum, and Hindustan Petroleum—have maintained a freeze on regular fuel rates, widening the price differential between state-owned and private fuel stations across the country.

Middle East Tensions Pressure Marketing Margins

A sustained rally in global crude prices—with Brent crude settling above $100 per barrel—has put severe strain on fuel marketing margins for domestic refiners and retailers.Because India imports nearly 90 per cent of its crude oil needs, private fuel retailers are directly exposed to global market volatility.

Under the revised rates, fuel prices now vary significantly across states due to differential local taxation:

• Haryana:Jio-bp outlets sell petrol at approximately ₹109.80 per litre and diesel at ₹97.75 per litre.
• Punjab:Retail petrol has reached ₹108.54 per litre, while diesel stands at ₹99.19 per litre.
• Rajasthan:Petrol ranges between ₹113.91 and ₹117.65 per litre, with diesel priced between ₹97.15 and ₹100.78 per litre depending on local taxes.

Growing Price Gap with State-Run Outlets

The decision by private players to raise prices while state-owned OMCs hold rates constant has reopened a substantial price gap.State-run retailers have kept fuel rates largely unchanged since late May, absorbing refining and marketing losses.

This price divergence has previously led to quantity restrictions at private pumps.To manage heavy demand surges from industrial buyers taking advantage of retail rates, Jio-bp had capped retail diesel purchases at 50 litres per customer per day.Industry analysts note that higher pump prices at private stations may lead motorists and commercial fleet operators to migrate toward cheaper state-run fuel bunks, increasing volume risk for private operators.