There have been expectations available in the market that the gasoline costs in India may cut back on the again of cheaper crude oil now.
It might take a very long time for the oil advertising corporations to recoup losses value over Rs 18,000 crore, in response to a report
Prices of petrol and diesel in India are unlikely to be decreased anytime quickly as oil advertising corporations (OMCs) should get better amassed losses of Rs 18,000 crore attributable to excessive crude costs in earlier quarters, in response to a CNBC-TV18 report quoting sources. There have been expectations available in the market that the gasoline costs in India may cut back on the again of cheaper crude oil now.
Following financial institution collapses within the US together with Silicon Valley Bank and Signature Bank, brent crude oil costs have fallen to $75.03 per barrel, in contrast with over $100 per greenback a 12 months in the past. Petrol costs in India have been stagnant since May 2022, when Finance Minister Nirmala Sitharaman decreased the costs by Rs 8 per litre for petrol and Rs 6 per litre for diesel by slashing the excise responsibility.
According to the CNBC-TV18 report, authorities sources stated it could take a very long time for the oil advertising corporations to recoup losses value over Rs 18,000 crore, dismissing the opportunity of a value reduce at this stage.
In response to a query raised in parliament , the Petroleum Ministry had on Thursday stated: “While crude oil value (Indian basket) in rupee per barrel phrases has elevated by 23 per cent from December 2021 to March 2023, enhance in Retail Selling Price of Petrol and Diesel at Delhi has solely been 1.08 per cent and three.40 per cent respectively.”
It went on to add, “Prices of Petrol and Diesel have not been increased by public sector Oil Marketing Companies (OMCs) since 6th April 2022, despite record high international prices. The three Public Sector OMCs viz. IOCL, BPCL and HPCL have booked a combined loss of Rs 18,622 crore during April 2022 to December 2022.”
On Friday, petrol in Delhi is being offered at Rs 96.72 per litre, whereas diesel is retailing at Rs 89.62 per litre. Meanwhile, in Chennai, petrol is being offered at Rs 102.73 per litre, and diesel is priced at Rs 94.33 per litre. Mumbai continues to have the very best value for petrol, buying and selling at Rs 106.31 per litre, with diesel priced at Rs 94.27 per litre. In Kolkata, the price of petrol remained stagnant at Rs 106.03 per litre, whereas diesel is being offered for Rs 92.76 per litre.
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