Petrol-Diesel Price: The price of crude is halved, yet the price of petrol and diesel in India is higher than in Pakistan – no petrol, diesel price cut likely in India in near term
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When will the price of petrol and diesel come down?
Sources say that at present there is no hope of any relief in the price of petrol and diesel in the country. This is because Oil Marketing Companies (OMCs) have suffered losses in the past quarters due to high crude oil prices. Now their loss is Rs 18,000 crore. Oil companies may take time to recover from this loss. That’s why there is no hope of getting relief in the price of petrol and diesel. Due to the banking crisis in America, the price of crude oil has come down. There are chances of further deepening of this crisis in the coming days. Due to this, the price of crude oil can go down further.
what the government said
In response to a question in Parliament, the Petroleum Ministry said that between December 2021 and March 2023, the price of crude oil for the Indian basket has increased by 23 percent in rupee terms. During this period, the price of petrol in Delhi has increased by 1.08 per cent and that of diesel by 3.40 per cent. The ministry said that despite the huge increase in the price of crude oil, there has been no increase in the price of petrol and diesel since April 6. The total loss of oil marketing companies between April 2022 and December 2022 stood at Rs 18,622 crore.
The loss of these companies in the first half of the financial year 2023 was Rs 22,000 crore. But there was some improvement after the third quarter. Some sources say that if the price of oil falls below $70 per barrel and remains at this level, then the price of petrol and diesel may come down. On March 16, the Indian crude oil basket price was $73.86 per barrel. In March last year, petrol cost Rs 101.81 a liter in Delhi while diesel cost Rs 89.62 a litre.
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Petrol-diesel is cheaper in poor Pakistan
Petrol and diesel are cheaper in Pakistan than in India. In Pakistan, which is facing economic crisis, during the last one year, the price of petrol has increased by 22 percent and the price of diesel has increased by 45.16 percent. Despite this, the price of petrol and diesel there is less than in India. In March last year in Pakistan, the price of petrol was Rs 69.01, which has now reached Rs 84.47. During this, the price of diesel has increased from Rs 61.6 to Rs 89.42. Similarly, in Bangladesh, the price of petrol has increased by 28 per cent and that of diesel by 20.23 per cent in the last one year. Petrol in the country costs Rs 98.71 and diesel costs Rs 86.07 per litre.
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What is the situation in Sri Lanka and Nepal?
Petrol price in Sri Lanka has increased by 38 per cent and diesel by 104.02 per cent in the last one year in Sri Lanka, another neighboring country which is facing economic crisis. Petrol is available there at Rs 91.73 and diesel at Rs 92.87 a litre. In Nepal, there has been an increase of 22 percent in petrol and 36.09 percent in diesel. There petrol is currently available at Rs 112.47 and diesel at Rs 110.57 a litre. Diesel is more expensive to make than petrol.
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