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Crude oil prices at a seven-month low, but why is the price of petrol and diesel not decreasing in India?

Highlights

Crude oil is currently trading at $ 92.84 per barrel.
Petrol and diesel prices have not changed for a record 158 days.
Public sector companies are compensating for their losses.

New Delhi. International crude oil prices have come down to a seven-month low, but there has been no change in the retail selling price of petrol and diesel in India. The reason for this is that despite the increase in the cost, the public sector petroleum companies did not increase the prices of petrol and diesel, facing losses for about five months.

International benchmark Brent crude fell below $90 a barrel last week for the first time since early February amid fears of a recession. Since then, it is trading with some gains at $ 92.84 per barrel, which is a six-month low.

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No change in retail prices
The fall in prices came despite Russia’s move to shut down the North Stream pipeline and cut production by the Organization of Crude Oil Producing Countries (OPEC+) and its allies (OPEC+). However, this has not changed the retail prices of petrol and diesel in India. Petrol and diesel prices have not changed (freeze) for a record 158 days.

Companies making up for the loss
On the question of non-change in petroleum prices, Petroleum Minister Hardeep Singh Puri, in response to questions from reporters on Friday, said that the loss suffered by the public sector companies due to non-increasing prices due to the rise in international prices will be compensated. Because of this, now these companies are not reducing the prices.

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“When international prices were high, our (petrol and diesel) prices were already low. “Have we made up for all our losses?” He, however, did not elaborate on the loss caused by keeping rates stable from April 6.

Crude price fluctuations
The price of crude oil imported by India was sitting at $ 88 per barrel on September 8. It averaged $102.97 billion per barrel in April and $109.51 a barrel in the subsequent month. In June, it had reached $ 116.01 per barrel. From July, the international prices started declining. At that time the average price of crude oil imported by India came down to $105.49 per barrel. It is at $ 97.40 a barrel in August and $ 92.87 a barrel in September so far.

Tags: crude oil prices, Petrol and diesel, Petrol diesel prices, Petrol price hike

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