Petrol-Diesel Price: There has been no change in Petrol-Diesel price for the last 5 months. Although the price of crude oil has also fallen to an unprecedented level, there is no change in petrol and diesel in the domestic market. For the past few days, there have been reports in all the media that the price of oil will be reduced by 40 cents per liter from November 1. Some sources say that petrol and diesel prices will soon be reduced by Rs 2 per liter and it will be implemented in different phases. But people were shocked as there was no change in petrol and diesel prices from November 1.
Damage caused by the Russia-Ukraine war
Petroleum Minister Hardeep Singh Puri said that public sector petroleum companies are losing Rs 4 per liter on diesel. He also said that the companies are currently earning little profit from the sale of petrol. Puri was asked why the prices of petrol and diesel have not been reduced after the fall in crude oil prices in the international market. To that, he said that the country’s oil companies have been greatly affected by the Russia-Ukraine war.
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Union Minister Hardeep Singh Puri said his ministry will seek relief for losses incurred by three retail fuel retailers (Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited HPCL). He also said that when Russia’s war in Ukraine made crude oil more expensive on the international market, these companies did not increase petrol and diesel prices to help the government deal with inflation.
When asked about the price cut, he said, “Fuel Marketing Companies (OMCs) are still making losses on diesel sales.” Currently, diesel sales are incurring a loss of Rs 3-4 per litre. All three fuel retailers posted a net loss of over Rs 19,000 crore in the April-June quarter. These companies are also estimated to incur losses in the quarter beginning September, he said.
Read more | Crude Oil Price: Increased crude oil prices! A change in petrol and diesel prices?
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