There were expectations in the market that now fuel prices in India could come down due to cheaper crude oil.
According to a report, it may take a long time for oil marketing companies to recover losses of over Rs 18,000 crore.
Petrol and diesel prices in India are unlikely to come down anytime soon as oil marketing companies (OMCs) have lost Rs 18,000 crore due to higher crude oil prices in the past quarters, CNBC-TV18 reported, quoting sources. To make up for the accumulated losses of Rs. There were expectations in the market that now fuel prices in India could come down due to cheaper crude oil.
Brent crude oil prices have fallen to $75.03 a barrel from more than $100 a year ago, following bank collapses in the US, including Silicon Valley Bank and Signature Bank. Petrol prices in India have been stable since May 2022, when Finance Minister Nirmala Sitharaman cut excise duty to Rs 8 per liter for petrol and Rs 6 per liter for diesel.
Government sources said it may take a long time for oil marketing companies to recover losses of over Rs 18,000 crore, ruling out the possibility of a price cut at this stage, reported CNBC-TV18.
Responding to a question raised in Parliament, the petroleum ministry had on Thursday said: “Crude oil price (Indian basket) to increase by 23 per cent in rupee per barrel terms from December 2021 to March 2023, while retail sales The price hike of petrol and diesel in Delhi has been 1.08 per cent and 3.40 per cent respectively.
It further added, “Despite record high international prices, petrol and diesel prices have not been increased by Public Sector Oil Marketing Companies (OMCs) with effect from 6 April 2022. Three Public Sector OMCs viz. IOCL, BPCL and HPCL have reported a combined loss of Rs 18,622 crore during April 2022 to December 2022.
Petrol is selling at Rs 96.72 per liter in Delhi on Friday, while diesel is retailing at Rs 89.62 per litre. Meanwhile, petrol is selling at Rs 102.73 per liter and diesel at Rs 94.33 per liter in Chennai. Petrol is trading at the highest price of Rs 106.31 per liter in Mumbai while diesel is priced at Rs 94.27 per litre. Petrol price in Kolkata remained stable at Rs 106.03 per liter while diesel was selling at Rs 92.76 per litre.
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