BPCL Director Warns of Potential Petrol Price Hike Amid Global Oil Crisis
Petrol price hike may be ‘unavoidable’ if global oil crisis continues, says BPCL director

Image: Mathrubhumi English
Raj Kumar Dubey, Director of Bharat Petroleum Corporation Limited (BPCL), cautions that rising global oil prices may lead to unavoidable petrol and diesel price hikes in India. He attributes this to ongoing geopolitical tensions affecting oil supply, particularly at the critical Strait of Hormuz, while emphasizing India's diversified sourcing strategy to mitigate shortages.
- 01Dubey indicated that if global crude oil prices remain high, the burden may fall on consumers through price hikes, on oil companies through losses, or managed by government support.
- 02Over 2 million barrels of oil supply have been disrupted at the Strait of Hormuz due to geopolitical instability, impacting global crude prices.
- 03India has increased its oil supply sources from around 20 to nearly 40, including imports from Russia and Africa, to maintain fuel supplies.
- 04Domestic fuel consumption in India has risen during the crisis, yet supply chains have remained stable without major shortages.
- 05The ongoing oil crisis could accelerate India's transition to cleaner energy sources, including solar power and alternative fuels.
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Raj Kumar Dubey, Director of Bharat Petroleum Corporation Limited (BPCL), has warned that further hikes in petrol and diesel prices in India may become 'unavoidable' if disruptions in global oil supply persist. He noted that international crude oil prices have surged due to geopolitical tensions, particularly affecting the Strait of Hormuz, a vital oil shipping route that has seen over 2 million barrels of supply impacted. Dubey outlined three potential responses to the situation: passing costs to consumers, absorbing losses by oil companies, or government intervention. Despite these challenges, he highlighted India's proactive approach to diversifying its oil supply sources, expanding from 20 to nearly 40 international supply points, which has helped maintain stable fuel supplies. Additionally, Dubey suggested that the ongoing crisis could expedite India's shift towards cleaner energy, with increased investments in solar power and alternative fuels like ethanol and hydrogen. This transition is seen as essential as India aims to boost natural gas usage in its energy mix from 7-8% to 15%.
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Potential price hikes in petrol and diesel could affect consumers and the overall economy, leading to increased transportation costs and inflation.
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