Oil companies are earning huge profits on petrol, getting heavy on public’s pocket, read the condition of diesel

Petrol Diesel Rate: Even after the sharp ups and downs in crude oil last year and this year, no difference has been seen in the rates of petrol and diesel in the country. Now a report has come out, in which it has been told that oil companies are earning a profit of Rs. 10 per liter on petrol, while oil companies are incurring a loss of Rs. 6.5 per liter on diesel.

Government oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have not revised the prices of petrol and diesel in line with the cost for the last 15 months. However, there has been a substantial reduction in the prices of crude oil during this period. This is being told according to a report published in the Economic Times.

What ICICI Securities said in the report

According to a report by ICICI Securities, margins for petrol are expected to contract by 10% for the third quarter (Oct-Dec 2022) after record high losses of Rs 17.4 per liter on petrol and Rs 27.7 per liter on diesel for the week ending June 24, 2022. Rs per liter is estimated to be positive, while diesel is likely to lose Rs 6.5 per liter for the same quarter as well.

Three companies did not change the prices

The three retail fuel sellers have not changed the prices of petrol and diesel since April 6, 2022, with crude prices falling from US$ 102.97 a barrel that month to US$ 116.01 in June and to US$ 78.09 this month. Despite this, there has been no change in the prices of fuel.

Ministry insisting on compensation

There has been no change in oil prices in the country since April 2022, but the jump in international oil prices has increased petrol and diesel prices by Rs 10 per liter since mid-March. The Oil Ministry is insisting on compensation for the loss caused to the three retailers.

Fall in crude oil prices

Today the prices of crude oil have come down. WTI crude oil is at $ 73.77 per barrel. At the same time, Brent crude oil is at $ 78.57 per barrel. Petrol in Delhi is being sold at Rs 96.72 per liter and diesel at Rs 89.62 per litre. Whereas in Mumbai, petrol is Rs 106.31 per liter and diesel is Rs 94.27 per litre.

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