Public sector petroleum companies have lost Rs 18,480 crore due to the increase in the price of petroleum products at the international level, but their prices have not been increased domestically.
After Russia’s attack on Ukraine, the price of petrol and diesel increased internationally. Despite having the authority to determine the price on a daily basis as per the international situation, the petroleum companies have not changed the price of petrol and diesel for the last 4 months.
Due to this, the public sector oil companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum have suffered a total loss of Rs 18,480.27 crore in the first quarter of the current financial year from April to June.
Indian Oil Company has incurred a loss of Rs.1,995 crore, Hindustan Petroleum Company has incurred a loss of Rs.10,196 crore and Bharat Petroleum Company has incurred a loss of Rs.6,290 crore. As the price of petroleum products increased, inflation in the country increased sharply.
To control it, the oil companies did not raise prices. Petrol and diesel prices have not been hiked since last April. It is worth recalling that before that, their price increased to Rs.10 per liter in March.