Senior executives from state-run oil companies ONGC and BPCL have said the recent increase in petrol and diesel prices reflect the impact of prolonged geopolitical tensions in West Asia, rising global crude oil prices and mounting pressure on oil marketing companies due to under-recoveries.

Speaking on the impact of the West Asia conflict, ONGC Director (Exploration) Sushma Rawat said crude oil prices have remained highly volatile amid uncertainty over the conflict. “Whenever there is a declaration that there is a peace accord, the crude prices start to dip. And when you realise that there is no solution, the prices go up again,” Rawat said.