“Yes, it is true,” the official said when asked about the upward price review. A refinery source explained that the decision was largely driven by rising global crude prices, which directly affect refining costs. “The revision reflects the surge in global crude oil prices. PUNCH Online reports that global oil prices have risen sharply in recent hours following escalating tensions in the Middle East involving the United States, Iran and Israel. The rally reflects a growing “war premium” in global oil prices as traders factor in the risk of supply disruptions in the Middle East.

Source: Punch March 14, 2026 00:50 UTC