New Delhi, PTI. Petrol and diesel prices will start haunting again. Because the price of crude oil is running at a record level and the assembly elections are also about to end. In such a situation, the increase in prices is expected to start again next week.
This hike will be to bridge the gap of Rs 9 per liter created by the rise in international oil prices by $100 a barrel. International crude oil prices are above $110 a barrel for the first time since 2014.
According to information from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC), on March 1, India’s crude oil purchases were above $ 102 per barrel, which is the highest since August 2014. JP Morgan said in a report, “We expect a hike in the prices of both petrol and diesel with the elections over in the states next week.
The seventh and final phase of voting for the Uttar Pradesh assembly elections is on February 7 and the votes The counting is to be done on March 10.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) are incurring losses of Rs 5.7 per liter on both petrol and diesel. This is different from their usual margin of Rs 2.5 per litre.
The brokerage house said oil companies need to increase retail prices by Rs 9 per liter or 10 per cent to return to normal margins.
We expect a combination of small excise duty cuts (Rs 1-3 per litre) and retail price hike (Rs 5-8 per litre), which will offset $100 per barrel of oil.
Russia produces a third of Europe’s natural gas and about 10 percent of global oil production. About a third of Russian gas to Europe comes through pipelines through Ukraine.
Road and Transport Minister Nitin Gadkari said that green hydrogen is the fuel of the future. Before the first round of elections, in Meerut, he had said that he had finished talking to the car makers in the first round. After the elections of five states are over, they will do the second round with the car companies.He said that the flex engine will also prove to be good for the future. Because the rising prices of petrol and diesel is getting out of the budget of the common man. In view of this problem, he has chosen Green Hydrogen and Flex Engine as an alternative. So that the demand for petrol and diesel in the country is reduced.