The ongoing assembly elections in 5 states of the country are over and now the results are going to come on March 10. Now soon the prices of petrol and diesel can be seen. According to the report of JP Morgan, oil marketing companies can increase the price on petrol and diesel by up to Rs 9 per liter. The price of crude oil at the international level has reached a record high of 14 years. In such a situation, the common people may get shocked.
Petrol and diesel prices have not increased since November
At present, there has been no change in the prices of petrol and diesel available at petrol pumps since November. Oil Marketing Companies (OMCs) are losing Rs 5.7 per liter on spot Brent ($105/bbl) and diesel prices and Rs 2.5 per liter on normal margin. We would caution investors that in view of volatility in crude oil, diesel and forex, these numbers are subject to change. Now the rate changes will be visible daily.
Now these are the rates of petrol and diesel
Petrol in the country’s capital Delhi is Rs 95.41 per liter and diesel Rs 86.67 per liter. Similarly, in the country’s financial capital Mumbai, Rs 109.98 per liter and diesel Rs 94.14 per liter. Petrol in Kolkata is Rs 104.67 per liter and diesel Rs 89.79 per litre. At the same time, petrol in Chennai is Rs 101.40 per liter and diesel Rs 91.43 per liter.
Crude oil price rising
International crude oil prices have risen above US$110 a barrel for the first time since mid-2014. Due to the ongoing crisis between Russia and Ukraine, the supply of crude oil may be affected. Oil and gas giants come from Russia, whose effect will be seen in the supply and will be seen on the prices.
Increasing expenses of companies
According to information from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry, crude oil purchases in India rose above $ 102 per barrel on March 1, which is the highest since August 2014.
Price will increase after elections
The seventh and final phase of voting for the Uttar Pradesh Legislative Assembly is on February 7 and the counting of votes will be held on March 10.
Price may increase up to Rs.9
The report said oil marketing companies need to increase retail prices by Rs 9 per liter or 10 per cent to go back to normal marketing margin. Domestic fuel prices are directly linked to international oil prices as India imports 85 per cent of its oil needs. There has been no change in it for 118 consecutive days.
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