New Delhi. Despite the continuous increase in the prices of crude oil in the global market, the prices of petrol and diesel are not increasing in the country. This is affecting the earnings of oil companies. In view of the assembly elections in five states, companies are not increasing the prices of petrol and diesel. Experts say that after the elections, oil companies can increase the price of petrol and diesel by Rs 5-6 per liter.
Experts say that companies are incurring huge losses due to non-increase in the prices of petrol and diesel. In such a situation, it has become necessary for them to increase the prices by Rs 5-6 per liter in order to maintain the margin in general. According to experts, if crude oil prices remain high in the international market, then the prices of petrol and diesel will definitely increase after the assembly elections in five states.
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Know how prices are affected
ICICI Securities analyst Prabal Sen says that the effect of volatility in crude oil prices in the international market is also visible in the domestic market. If crude oil is costlier by one dollar per barrel in the global market, then the price increases by 45-47 paise per liter in the domestic market. But despite the rise in crude oil in foreign markets, the prices of petrol and diesel in the domestic market are stable since Diwali. Since November, crude oil has risen to $ 25 per barrel.
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Crude is getting increasingly expensive
International crude oil prices reached $94 a barrel on Tuesday as tensions between Russia and Ukraine continued. This is the first time since 2014 that the price of crude has reached this level. Experts say that if tensions between Russia and Ukraine persist, then the price of crude oil can reach $ 125 per barrel.
Tags:, fuel price hike, Petrol diesel price, Upward trend in global crude prices
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