There has been a big jump in the price of crude oil in the world due to the war between Russia and Ukraine. Due to this, government oil companies like BPCL, HPCL and Indian Oil have suffered huge losses in India. Global market recharge firm Moody’s has estimated that till March 22 alone, oil distribution companies have incurred a loss of about Rs 19 thousand crore due to non-increase in prices of petrol and diesel.
Price did not increase for 4 months: Before the price hike on March 22, there was no increase in oil prices in the country for almost 4 months. Meanwhile, there was a big increase in the price of crude oil in the world. In November, the price of a barrel of crude oil was around $ 84 per barrel, which reached $140 per barrel on March 7. Although now oil prices have seen a softening but still the average oil price remains around $111 per barrel.
There was a loss of 534 crores every day: Moody’s has said in its report that according to the current crude oil prices, till March 21, oil distribution companies were incurring a loss of about $ 24 or Rs 1900 per barrel on petrol and diesel. On the other hand, if we talk about March, if the crude oil price is considered to be 111 per dollar on an average, then before the increase in the prices of petrol and diesel on March 22, the oil distribution companies were incurring losses of up to Rs 534 crore per day.
Big loss to India Oil: The country’s largest oil distribution company Indian Oil has suffered the most during March. During this period, Indian Oil alone is estimated to have a loss of Rs 7634 to Rs 8397 crore while other oil distribution companies like HPCL and BPCL are estimated to have losses of Rs 4,900 crore and Rs 4,200 crore.
Big petrol prices for the second consecutive day: After the increase in prices on March 22, the price of petrol and diesel in the country has also been increased by 80 paise on March 23. However, there has been no change in the prices on March 24.