Petrol Diesel Price Hike: The price of crude oil has crossed $ 115 per barrel, despite this, due to pressure because of assembly elections in five states, state-owned oil companies (Oil Marketing Companies) have not increased the prices of petrol and diesel. . Whereas they have to import crude oil from the international market at high prices. In such a situation, oil companies are incurring a lot of loss by selling petrol and diesel. To bridge this loss, state-owned oil companies will have to increase the price of petrol and diesel by more than Rs 12 per liter by March 16, 2022.
ICICI Securities said in a report that with international oil prices - on which domestic fuel retail prices are linked. State-owned oil companies need a massive price hike of Rs 12.1 per liter on or before March 16, 2022, to eliminate break-even losses. ICICI Securities said in a report that there is a need to increase the prices by Rs 15.1 after including the margin for the oil companies.
International crude oil prices rose above USD 120 a barrel for the first time in nine years on Thursday and eased slightly to USD 111 on Friday, but the gap between cost and retail rates has only widened. According to information from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil, crude oil purchases in India increased to $ 117.39 per barrel on March 3, which is the highest since 2012. Whereas at the beginning of November 2021, the Indian basket price of crude oil averaged $ 81.5 per barrel.
No change in the prices of petrol diesel
However, there has been no change in the prices of petrol and diesel in the country. There has been no change in the prices of petrol and diesel since November 4, 2021. While there has been a huge jump in the prices of crude oil. Assembly elections are going on in five states in the country and the results will be out on March 10. It is believed that due to the loss in the elections, the government oil companies are not making any change in the prices of petrol and diesel, despite the tremendous increase in the prices of crude oil. But from 7th March onwards, the price of petrol and diesel is expected to increase.
Russian Foreign Minister Sergei Lavrov is visiting India today amid the ongoing war with Ukraine.
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