Compared to the average rate at which India buys crude oil from the international market, crude from Russia was cheaper by $16 in June last year. This difference is Rs 1,310 per barrel. This average difference from April last year to March this year is more than $7 i.e. Rs 573 per barrel. Last month, India imported about 39 percent of its crude oil requirement from Russia. Despite this, the prices of petrol and diesel have remained stable for almost 10 months. Let's understand why this is so...
1. Non-transparent Formula
Indian Oil, Bharat Petroleum, and Hindustan Petroleum fix the prices of petrol and diesel according to the prices of petrol and diesel around the world and not based on the price of crude. These fuels have become very expensive in markets like Europe, hence their prices in India are high.
2. Use of savings to bridge the deficit
Government oil refining companies are using the savings from importing Russian oil to bridge the deficit. These companies claim that they are suffering losses due to selling products like cooking gas (LPG) at the price fixed by the government.
3. Government Policy
The government has given a subsidy of only Rs 22,000 crore this year to make up for the loss incurred by the companies by selling LPG at a lower price than the cost. Companies claim that the actual loss is more than double that. They have to make up for it themselves.
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