Due to rising prices of crude oil, petrol may become costlier by ₹ 18 and diesel by ₹ 35 per liter. The report of foreign brokerage firm Macquarie states that despite crude oil being expensive, the prices of petrol and diesel in the country are stable. Companies are incurring losses due to this. In such a situation, companies can increase prices after the elections in 5 states including West Bengal are over. The price of crude oil increased by $ 27 in 46 days. Companies are facing a loss of ₹ 1,600 crore every day. Due to the cost of crude oil, companies are incurring a loss of Rs 18 per liter on petrol and Rs 35 on diesel. At the peak of last month, these three companies were facing losses of about Rs 2,400 crore every day. After the reduction of Rs 10 in excise duty, this loss has come down to Rs 1,600 crore. For every $10 rise, the loss increases by about Rs 6 per litre. India imports 88% of its crude oil. India imports about 88% of its crude oil requirement. Of this, 45% comes from the Middle East and 35% from Russia. Rising crude oil prices are a threat not only to oil companies but also to the country’s current account deficit (CAD). It is estimated that this deficit may increase to $20 billion in the first quarter of 2026. Pressure on government earnings: The contribution of excise duty on oil to government revenue is continuously decreasing. It was 22% in FY 2017, which has now come down to just 8%. Even if the government removes the entire excise duty, at current prices the losses of oil companies will not be completely eliminated.
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Petrol may become costlier by ₹ 18 and diesel by ₹ 35: Prices may increase after elections in 5 states including West Bengal, oil companies in loss.
