Petrol Diesel Price: Companies say that they were incurring losses due to the price of crude oil remaining above $100 per barrel, to reduce which this step has been taken.
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Petrol Diesel Price: After LPG, petrol and diesel prices have suffered another major setback. Private fuel retail companies are now rapidly raising prices. Shell India has significantly increased the prices of both petrol and diesel from April 1. Nayara Energy also raised prices earlier. Companies say that they were incurring losses due to crude oil prices remaining above $100 per barrel, and this step has been taken to mitigate this.
Petrol prices rise by ₹7.41
The price of petrol in Bengaluru has been increased by ₹7.41 per liter. This brings the price of regular petrol to ₹119.85 and premium petrol to ₹129.85 per liter. However, prices may vary slightly due to taxes in different states. This increase will directly impact the pockets of ordinary people, especially those who use vehicles daily.
Diesel prices rise by ₹25.01
The price hike for diesel has been even more shocking. Diesel prices have been increased by ₹25.01 per liter in one go. Regular diesel now sells for ₹123.52 and premium diesel for ₹133.52 per liter. Sources indicate that if the international market continues to remain unchanged, diesel prices could reach ₹148 to ₹165 per liter in the future, although there has been no official confirmation yet.
Why are prices rising?
The biggest reason for this price surge is the growing tension in the Middle East. Crude oil is supplied to India through the Strait of Hormuz, but the escalating conflict with Iran has increased uncertainty on this route. The ongoing war-like situation with Iran has shaken the global oil market, leading to a sharp surge in crude oil prices.
It is reported that Brent crude prices have increased by approximately 60% since February 28, when the US and Israel launched attacks on Iran. This is directly impacting countries like India, which imports approximately 88% of its crude oil needs. Consequently, even a slight disruption in supply is driving prices up sharply.
The pressure on private companies is also greater because state-owned oil companies have not yet made any significant changes to retail prices. While state-owned companies receive some support to cover losses, private companies receive no such support. Consequently, they are forced to pass on the increased costs directly to consumers. If crude oil prices remain high in the coming days, there is a possibility that petrol and diesel may become more expensive.
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