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The increased prices of petrol and diesel have come into effect from today. (file photo)
Jio-BP, a company with stake in Reliance Industries, has increased the prices of petrol and diesel. The company has made petrol costlier by ₹5 and diesel by ₹3 per litre. This year the company has increased prices for the first time. The new prices have come into effect from Sunday.
After this, petrol is being sold at around ₹ 108.54 and diesel at ₹ 99.19 per liter at Jio-BP pumps in Punjab. At the same time, the price of petrol in Haryana has become around ₹ 109.80 and diesel ₹ 97.75 per liter.
Jio-BP is the second oil company in the country to increase prices.
Jio-BP is the second oil company in the country to increase the prices of petrol and diesel in the last 10 days. Earlier on October 3, Rosneft-backed Nayara Energy had made petrol costlier by ₹5 and diesel by ₹3 per litre. News agency PTI had given this information.
Jio-BP had limited the sale of diesel to 50 liters at a time in September. Neeraj Mittal, Secretary of the Union Ministry of Petroleum and Natural Gas, had said on October 1 that the government will raise the issue of these restrictions on the sale of diesel with private refinery companies and ask for their removal.
October 3: Naira petrol becomes costlier by ₹5 and diesel by ₹3
Naira Energy has increased the prices of petrol and diesel on October 3. The company has increased the price of petrol by ₹ 5 per liter and diesel by ₹ 3 per liter. The new prices have come into effect from Saturday morning.
After this increase, one liter petrol in Bhopal has become ₹ 119.54 and diesel ₹ 102.64. This decision has been taken to reduce the gap between retail prices and rising costs after the rise in crude oil prices in the international market.
Supply decreased due to Russia-Ukraine war and Middle East tension
Due to the ongoing tension in the Middle East and the Russia-Ukraine war, the supply of petrol and diesel across the world has been adversely affected. Due to this supply crisis, prices have increased significantly at the international level.
Companies gain profit in export, loss in selling in the country
Due to high prices in the global market, it has become more profitable for Indian refineries to export oil abroad instead of selling cheap oil in the country.
According to rating agency ICRA, till September 9, private companies were incurring a loss of about ₹ 5 per liter on petrol and ₹ 23 per liter on diesel. Now this loss has increased with crude oil crossing $107. Earlier, Reliance-BP had imposed similar restrictions in April also.
Government companies suffer loss of ₹530 crore daily
After the ban on private pumps, customers are now turning to the petrol pumps of government companies like Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). These three companies have 90% share in the country’s retail fuel market.
According to Union Petroleum Minister Hardeep Singh Puri, government refineries are incurring a daily loss of around ₹530 crore due to selling fuel below cost.
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Also read this news related to petrol and diesel…
Reliance and Nayara limited the sale of petrol and diesel: Losses increased as crude crossed $107; Only 200L diesel will be available in one vehicle at Naira pumps.
Due to expensive crude oil and stable retail prices, private companies like Reliance-BP and Nayara Energy have limited the sales of petrol and diesel. According to Bloomberg report, now only a maximum of 200 liters of diesel and 30 liters of petrol is being filled in a vehicle at Nayara outlets. It is not clear how many sales have been banned by Reliance. Read the full news…
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