Brent crude oil prices have reached an alarming $108 per barrel, causing oil marketing companies (OMCs) to incur losses of ₹24 per litre on petrol and ₹30 per litre on diesel. This situation has forced OMCs to reconsider their pricing strategies in light of these unsustainable losses.

The backdrop of this crisis is rooted in the stability of petrol and diesel prices in India since April 2022. Despite rising global crude oil prices, the Indian government previously reduced excise duty by ₹10 per litre, which has led to a significant revenue loss of approximately ₹1.7 lakh crore annually. This decision was aimed at cushioning consumers from the shocks of inflation but has now put OMCs in a precarious position.

Key statistics:

• Petrol and diesel prices are expected to rise by ₹2 to ₹4 per litre soon.
• Brent crude oil is currently priced at $108 per barrel.
• OMCs are losing ₹24 per litre on petrol and ₹30 per litre on diesel.
• LPG consumption in India fell by 16.16% in April 2026, totaling 2.2 million tonnes.

The decline in LPG demand—down by over 16%—adds another layer of complexity for OMCs as they navigate this turbulent market. A senior official remarked, “We cannot keep prices unchanged when there are supply issues. At some point, we have to make adjustments according to market conditions.” This sentiment echoes the broader understanding that price adjustments are inevitable given the financial strain on OMCs.

The government is poised to announce these price increases shortly after the election results, making it a critical moment for consumers and stakeholders alike. As officials prepare for this change, no specific timeline has been shared regarding when exactly these adjustments will take effect.

The average price of a 19-kg LPG cylinder in Delhi has skyrocketed to ₹3,071.50, further illustrating the impact of rising fuel costs on everyday life. With inflation already a concern, these impending increases could exacerbate financial pressures for many households across India.

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Indian Oil Corporation Limited (IOCL) has assured consumers that fuel supply across the country remains uninterrupted. All fuel stations nationwide are fully operational with adequate stocks of petrol, diesel, and other petroleum products. Consumers have been advised to rely only on verified information and continue refuelling as usual.

Apprenticeship Recruitment 2026

In addition to ensuring fuel availability, IOCL has released the IOCL Apprenticeship Recruitment 2026 notification for 405 apprentice posts. This recruitment drive aims to engage trade, technician, and graduate apprentices under the Apprentices Act. Candidates must meet educational and age requirements specified in the official notification to apply for the apprenticeship programme.

The minimum age to apply for the apprenticeship is 18 years, while the maximum age is set at 24 years. The apprenticeship programme provides candidates with hands-on training in technical and operational roles within IOCL facilities.

Interim Dividend Announcement

Furthermore, Indian Oil Corporation Ltd announced an interim dividend of Rs. 2.00 per share, with both the ex-date and record date set for 12 March 2026. This announcement is part of IOCL’s ongoing commitment to its shareholders and reflects the company’s robust financial health.

Looking Ahead

As IOCL continues to navigate the complexities of the energy sector, further developments in their operations and recruitment initiatives are anticipated. Details remain unconfirmed regarding any additional measures or changes in policy that may arise in the near future.

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The ongoing conflict between Iran and Israel has escalated tensions in the Middle East, leading to significant disruptions in oil supply, particularly through the critical Strait of Hormuz. As of March 10, 2026, crude oil prices experienced a sharp decline, with Brent crude prices plunging 17 percent to below $80 a barrel before rebounding to near $90.

Since the start of the war, US petroleum prices have risen approximately 17 percent, reflecting the market’s reaction to potential supply disruptions. Chad Norville noted, “What we saw this week was the market briefly treating that risk as real and repricing supply disruption in earnest.” This volatility in oil prices has raised concerns globally, particularly in countries heavily reliant on imported energy.

In India, the ramifications of the Iran-Israel war are becoming increasingly evident. The conflict has led to fears of a serious liquefied petroleum gas (LPG) crisis, with the National Restaurant Association of India warning that many restaurants in major cities like Chennai, Mumbai, and Bengaluru may face shutdowns due to LPG shortages.

As of now, India has 33.2 crore active domestic LPG connections, with 90 percent of its consumption met through imports. The Central government has invoked the Essential Commodities Act to ensure equitable distribution of LPG amidst rising demand and supply constraints. However, there is a notable supply gap of 2 million tonnes for LPG, prompting the government to secure an additional 1 million tonnes from the United States.

Government Response

M.K. Stalin emphasized the need for the Union government to ensure that the LPG cylinder shortage does not adversely affect public services or commercial establishments in Tamil Nadu. Despite government assurances, the National Restaurant Association of India expressed concerns, stating, “As per articles [in the media], the government has clarified that there is no ban on the supply of commercial LPG cylinders for the restaurant industry… but the ground situation is different…”

The International Energy Agency is also considering the largest release of oil reserves in its history to stabilize the market. However, uncertainties remain regarding the exact duration of the Iran-Israel war and its long-term impact on oil prices. Details remain unconfirmed.

As the situation evolves, stakeholders in the energy sector and consumers alike are closely monitoring developments, understanding that the implications of the Iran-Israel war extend beyond regional conflicts to affect global energy markets and local economies.

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