new Delhi. Diesel prices have been increased by Rs 25 per liter for bulk consumers. Giving this information, sources said that diesel sold to wholesale customers has become costlier by Rs 25 per liter. This step has been taken after a 40 percent jump in international crude oil prices. However, there has been no change in the retail prices of diesel sold through petrol pumps.
There has been a jump of 20 percent in the sales of petrol pumps this month. Bus fleet operators and bulk consumers like malls have bought fuel from petrol pumps. Usually they procure fuel directly from petroleum companies. This has increased the losses of the fuel retailing companies.
Companies like Naira Energy, Geo-BP and Shell have been the most affected. Despite the increase in sales, these companies have not reduced the quantity yet. But now it will no longer be economically viable for the pumps to operate.
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Price has not increased since 136 days
Three sources with knowledge of the matter said that since fuel prices have not increased for a record 136 days, it would be a more practical option for companies to shut down petrol pumps instead of selling more fuel at these rates. In 2008, Reliance Industries closed all its 1,432 petrol pumps after sales dropped to ‘zero’. Sources said that the same situation is happening even today. Bulk consumers are buying from petrol pumps. Due to this the losses of these retailers are increasing.
Diesel will be available at Rs 122.05 per liter
The price of diesel has increased to Rs 122.05 per liter for bulk consumers in Mumbai. Diesel is being sold at petrol pumps for Rs 94.14 per liter. Similarly, diesel is priced at Rs 86.67 per liter at petrol stations in Delhi while it costs Rs 115 per liter for wholesale or industrial customers.
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Price did not increase in view of elections
Public sector petroleum companies have not increased the prices of petrol and diesel with effect from November 4, 2021. However, there has been a jump in fuel prices globally during this period. It is believed that fuel prices were not increased in view of the assembly elections of five states. The results of the assembly elections have come on March 10, but even after that, due to the second phase of the budget session of Parliament, the prices have not increased at the moment.
Bulk consumers buying oil from petrol pump
Due to the huge difference of Rs 25 in the rates for bulk consumers and petrol pump prices, wholesale consumers are buying fuel from petrol pumps. They are not booking tankers directly from petroleum companies. Due to this the loss of petroleum companies has increased further.
Tags: business news, Diesel price, Petrol and diesel
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