Decision on petrol and diesel prices in 2-3 months: Government said – Expensive crude oil bought in Iran war is being processed, companies incur loss of ₹74,781 crore

Union Petroleum Minister Hardeep Singh Puri said on Thursday that a decision on whether the prices of petrol and diesel will be reduced in the country can be taken only in the next two-three months. It is not possible to say anything right now. He said that during the Iran war, when the prices of crude oil were skyrocketing in the world, Indian oil companies bought crude oil at expensive prices. Refineries are currently processing the same expensive stock. The country’s government oil companies (OMCs) have suffered a loss of Rs 74,781 crore till June 30 due to selling fuel below cost. He said that after the US-Iran agreement, crude oil prices have started coming down. If this continues for 2-3 months then relief in oil prices is expected within months.

Government companies had increased in May

After increasing the prices of private companies, government oil companies also increased the prices. In May, IOC, BPCL and HPCL had increased the prices of both petrol and diesel in installments by a total of ₹7.50-₹7.50 per liter citing expensive international crude. These three government companies control more than 90% of the more than 1 lakh petrol pumps in the country.

How much loss was incurred on which fuel between April and June?

Giving complete details of the losses incurred by the companies (under recovery), the Petroleum Minister said that during the April-June quarter of the current financial year, the companies have suffered losses on different fuels. There was under recovery of Rs 19,905 crore on petrol in this quarter, while this figure on diesel reached Rs 1.44 lakh crore. At the same time, companies suffered a loss of Rs 24,148 crore on LPG between April and June.

If the LPG losses of previous quarters and last year are also added, the total loss (total under recovery) of oil companies reaches Rs 2.1 lakh crore. Taking all these figures together, the total loss of the companies has been Rs 74,781 crore.

Will petrol and diesel become cheaper in the coming days?

On the expectations of reduction in prices, the Petroleum Minister said that the question of reduction in retail prices will be justified only if the prices of crude oil in the international market remain stable at the same low level for the next few weeks. If prices remain low for the next few weeks, companies will definitely consider it. He said that until the old expensive stock is replenished, the market situation will have to be monitored.

Naira petrol becomes cheaper by ₹5 and diesel by ₹3

Let us tell you that the country’s largest private fuel retailer company Naira Energy has reduced the price of petrol by Rs 5 per liter and diesel by Rs 3 per liter. Now in Bhopal, the price of Naira petrol has come down from Rs 119.79 to Rs 114.79 and diesel has come down from Rs 102.57 to Rs 99.57.

Government companies did not reduce prices

Currently, government oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have not made any change in the prices.

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