Petrol prices have shocked the people. The higher the use of petrol and diesel in the country, the higher the price. Now a report by Credit Suisse claimed that people may face another setback in the coming days. Even if it is cheap sometimes, it does not have much effect on our pockets. This is because oil companies can increase petrol price by Rs 5.5 per liter and diesel price by Rs 3 per liter to meet the deficit.
The report released by Credit Suisse states that companies will now focus on improving their marketing margins due to the rising price of crude oil in the international market. If oil companies want to maintain their margins at the level of FY 2019-20, then they will have to increase the retail price of diesel by Rs 2.8 to Rs 3 per liter and petrol price by Rs 5.5 per liter.
Today, the price increased for the second consecutive day
It may be known that petrol and diesel prices have increased for the second consecutive day on behalf of the state oil companies. The price of petrol has increased by 19 paise, while the price of diesel has increased by 21 paise per liter. The price of petrol in Delhi is Rs 90.55 while the price of diesel is Rs 80.91 per liter. At the same time, the price of petrol in Mumbai is Rs 96.95 and the price of diesel is Rs 87.98 per liter.
Price is decided based on these standards
Let us know that the price of petrol and diesel changes at six o'clock in the morning. The new rates are applicable from 6 a.m. After adding excise duty, dealer commission and other things to the price of petrol and diesel, its price almost doubles.
Based on these standards, the oil companies do the work of fixing the petrol rate and diesel rate daily. The dealers are the people running the petrol pumps. They sell gasoline at retail prices to consumers after adding taxes and their margins. This cost is also added to the petrol rate and diesel rate.
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