Recently, there has been a huge increase of ₹ 993 in the prices of commercial LPG cylinders in the country. In view of this, the question arises: After the increase in the prices of gas cylinders, is it now the turn of petrol and diesel? It is worth noting that oil marketing companies (OMCs) are currently in talks with the central government on increasing the prices of petrol and diesel, as they are incurring losses on retail sales of the fuel. To compensate for this loss, government companies are planning to increase fuel rates.
How much can prices rise per litre?
Citing a senior government official, a MoneyControl report said: “OMCs are incurring losses on the sale of petrol, diesel and LPG; they are in constant touch with the Petroleum Ministry and the Finance Ministry, with whom discussions are currently underway regarding the price hike.” Another government official was quoted as saying that prices may increase by ₹2 to ₹4 per litre.
Why might prices rise?
Due to rising tensions between Iran and the US, as well as the ongoing crisis in West Asia, Brent crude oil prices have crossed $126 per barrel. As a result, oil companies are suffering economic losses. The government is trying to postpone this increase in prices to prevent inflation from rising in the country. For almost four years, there has been no major increase in the prices of petrol and diesel. However, with the assembly elections over in four states, it is now widely believed that a rise in fuel prices is just a matter of time.
Today’s petrol and diesel rates
City Petrol Price (per litre) Diesel Price (per litre) Delhi Rs 94.77 Rs 87.67 Mumbai Rs 103.54 Rs 90.03 Kolkata Rs 105.45 Rs 92.02 Chennai Rs 100.80 Rs 92.39 Bengaluru Rs 102.92 Rs 90.99 Dehradun Rs 93.17 Rs 88.01 Gangtok Rs 103.35 Rs 90.45 Goa Panaji Rs 95.51 Rs 88.07 Guwahati Rs 93.23 Rs 89.46
