India is the world’s third-largest consumer of crude oil, relying heavily on imports for its energy needs. Currently, the country imports around 85 percent of its crude oil requirements. In a significant development, IndianOil has announced an increase in the price of its premium petrol product, XP-95, by ₹2 per litre.
This price hike comes amid a dramatic surge in international crude oil costs, which have nearly doubled from US$71 to US$156 per barrel over the past 20 days. Despite this increase, standard petrol and diesel prices in India remain unchanged, raising questions about the potential for further adjustments in the future.
XP-95, which accounts for approximately 5 percent of total petrol sales in India, is primarily targeted at high-performance vehicles. IndianOil serves around 3.2 crore customers daily and refills over 27 lakh LPG cylinders, making it a crucial player in the Indian energy market.
In response to concerns about fuel availability, Indian Oil Corporation has stated, “There is no shortage of petrol or diesel in the country.” Arvinder Singh Sahney, a spokesperson for IndianOil, reassured the public that “IndianOil outlets across the country are well-stocked and functioning normally.” He cautioned against unverified rumors that could lead to unnecessary panic and disrupt supply.
“Avoid panic buying and rely only on official information,” Sahney emphasized, urging consumers to remain calm amidst the fluctuating market conditions.
As of March 20, 2026, IndianOil’s market capitalization stands at ₹2,04,193 Crore, reflecting its significant role in the energy sector. The company’s Q3 standalone net profit has soared to ₹12,126 Crore, marking a remarkable 322% increase year-on-year from ₹2,874 Crore.
With over 2,800 flights fueled at 130 airports, IndianOil’s operations are vital to both the aviation and automotive sectors. Observers are closely monitoring the situation as the energy market continues to evolve, particularly in light of the recent spikes in crude oil prices.
As the situation develops, industry experts will be watching for any further announcements from IndianOil regarding potential changes in fuel pricing or supply chain adjustments.
