Petrol Diesel Price Hike: Buy cheap petrol for just one more week, then prices will climb like a rocket

Petrol Diesel Price Hike: Buy cheap petrol for just one more week, then prices will climb like a rocket

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new Delhi. The increase in the prices of petrol and diesel in India can start from next week. Due to the Ukraine-Russia war, the crude oil prices have reached the highest level of the last seven years. Its effect can also be seen on the prices of petrol and diesel in the coming week in India. According to brokerage firm JP Morgan, there is a possibility of a hike in the prices of petrol and diesel after the elections are over in five states next week. Let us tell you that due to the Russia-Ukraine war, the rate of crude oil has crossed the level of $110 per barrel.

JP Morgan has said in its report that we expect an increase in retail diesel and petrol prices from next week. With the elections to five states, we expect the hike in daily fuel prices in both petrol and diesel to resume.

There has been no change in the prices of petrol and diesel in the country since November.

Petrol and diesel prices will increase?
Significantly, there has been no change in the prices of petrol and diesel in the country since November. According to JP Morgan, Oil Marketing Companies (OMCs) are losing Rs 5.70 per liter v/s normalized margin of Rs.2.5/Litre on spot Brent ($105 per barrel) and Diesel prices. We would caution investors that it may change from day to day in view of volatility in crude oil, diesel and forex.

Crude oil prices cross $ 111 a barrel
Brent crude prices stood at $111.56 per barrel as of Wednesday afternoon, up 6.59% from the previous close. Brent is currently at its highest level since 2014. Its price on Tuesday was $102.16 per barrel. It is increasing continuously. Explain that fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) are making a loss of ₹ 5.7 per liter on petrol.

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Before 15 June 2017, the prices of petrol and diesel used to change every 15 days.

Will the effect of Russia-Ukraine war on petrol and diesel prices be seen?
Crude oil prices in the international market rose above US$ 110 per barrel for the first time since mid-2014. There are fears that a conflict in Ukraine or counter-Western sanctions could disrupt oil and gas supplies from energy giant Russia.

What has the oil ministry to say
According to information from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry, on March 1, India’s crude oil purchases rose above $ 102 per barrel, which is the highest since August 2014. The seventh and final phase of voting for the Uttar Pradesh Legislative Assembly is on 7 February and the counting of votes is to be held on 10 March.

Also read: Delhi Metro News: Now the Green Line service of Delhi Metro will be affected till March 25, see the new schedule

The brokerage said oil marketing companies need to increase retail prices by Rs 9 per liter or 10 per cent to go back to normal marketing margin. At present, the price of petrol in Delhi is Rs 95.41 per liter and the price of diesel is Rs 86.67. This price is after the reduction in excise duty and reduction in VAT rate by the state government.

Tags: Crude oil prices, Petrol diesel price, Russia ukraine war, UP Election 2022

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