There is going to be a sharp rise in the prices of Petrol-Diesel! Oil companies said – they are incurring huge losses, know the whole story
[ad_1]
Petrol-Diesel Price: Though the impact of fluctuations in the prices of crude oil in the international market may be less on the common man, but the oil distribution companies are facing huge losses due to this. Oil industry officials said that public sector petroleum companies are incurring a loss of about Rs 3 per liter on diesel, while their profits on petrol have declined. Since then, there are speculations about rise in the prices of petrol and diesel in the market.
Price not changed from April 2022
Oil industry officials said that due to declining profits on petrol and losses on diesel, petroleum marketing companies are refraining from cutting retail prices. There has been no change in the prices of petrol and diesel at the national level since April 2022. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) control about 90 percent of the country’s fuel market. These companies have not ‘voluntarily’ made any change in the prices of petrol, diesel and LPG (LPG) for a long time, despite the fluctuations in crude oil.
85% oil is imported in India
India is 85 percent dependent on imports to meet its oil needs. Crude oil had softened at the end of last year but rose again in the second fortnight of January. An oil industry official said that diesel is incurring losses. Although it had become positive but now the oil companies are incurring a loss of about Rs 3 per litre. Along with this, the profit margin on petrol has also reduced to about Rs 3-4 per litre.
what does the government say
When asked about changes in petroleum prices, Petroleum and Natural Gas Minister Hardeep Singh Puri told reporters during the ‘Indian Energy Week’ that the government does not decide the prices and oil companies take their decisions after considering all economic aspects. Along with this he said that oil companies are saying that there is still instability in the market.
Government hesitant in increasing prices during election season
Lok Sabha elections are likely to be held in April-May. The opposition is already cornering the government on the issue of inflation. In such a situation, the government does not want to anger the public by increasing fuel prices. The government no longer has direct control over the rise in prices. However, the government has halved the amount of equity investment in public sector fuel retailers to Rs 15,000 crore to support projects related to energy transition i.e. green energy. It can be started again.
What is Congress’s allegation?
Congress alleged that despite the fall in crude oil prices in the international market, the government is continuing to loot the public. Party general secretary Jairam Ramesh targeted the government while sharing the news on ‘X’, claiming that the price of crude oil has fallen by 38 percent in two years. He claimed that recently the Prime Minister was giving sermons on inflation and other topics in the Parliament, but look at this feat of his government. Crude oil has become cheaper by 38 percent in two years but looting from the public continues.
,with language input,
[ad_2]
Source link
