Intro
Nayara and Shell hike petrol, diesel prices in Bengaluru and major cities amid rising global crude oil costs
Bengaluru:
Private fuel retailers Nayara Energy and Shell have raised petrol and diesel prices across major Indian cities, including Bengaluru, amid surging global crude oil costs driven by escalating geopolitical tensions in West Asia. Petrol prices at private outlets in Bengaluru have crossed Rs 120 per litre, while diesel has also seen a significant increase, creating a noticeable gap with government-run fuel stations.
Public sector oil companies, including IOC, BPCL, and HPCL, have maintained retail prices, absorbing under-recoveries despite rising bulk and industrial rates. The government has reiterated that fuel pricing is deregulated, allowing oil marketing companies to adjust rates based on market conditions. Previous measures, such as excise duty cuts on petrol and certain levies on diesel, were aimed at easing consumer burden.
The price hike has triggered concerns among citizens. Ramesh, a cab driver, said the increase strains daily earnings, while Shabana, a school teacher, warned it could push up school fees. Students and small traders highlighted potential rises in transport fares and essential commodity costs.
Experts caution that prolonged high fuel prices may widen inflationary pressures, affecting sectors like food, transportation, healthcare, and education. The situation underscores India’s dependence on imported crude oil and the challenges of maintaining energy security amid global volatility.
With elections and by-elections underway in parts of Karnataka, the price rise has become a political issue. Analysts expect fuel prices to remain under pressure in the near term, with the gap between private and public retailers likely to persist.