Petrol-Diesel Price Hike: Is the rate of petrol-diesel going to increase by Rs 28? This report disturbed everyone’s sleep

Petrol Diesel Price Hike in India: Due to increasing tension between America and Iran, a sharp rise in international crude oil prices has been seen. Crude oil had earlier reached $120 per barrel, which came down for some time after the ceasefire, but has now again crossed $100 per barrel.

Kotak Institutional Equities estimates that Indian refineries are losing around Rs 27,000 crore every month due to rising prices, Bussiness reports. If this situation continues then it is possible for the prices of petrol and diesel to increase by Rs 25 to Rs 28 per litre.

Prices stable due to election environment

The report also said that due to the election environment, prices have been kept stable at present, but prices may increase after the assembly elections in West Bengal and Tamil Nadu are over.

Big difference between international price and domestic retail prices

According to experts, the difference between the international price of crude oil and domestic retail prices in India has increased significantly, which will be difficult to maintain for a long time. However, instead of implementing it all at once, the government can increase it gradually i.e. under “staggered approach”, so that there is no sudden burden on the general public and inflation is controlled.

Supply stopped from Hormuz

The main reason for this increase is believed to be the tension in West Asia and disrupted supply in the Strait of Hormuz, which has affected the global oil supply. Due to this, India’s import bill has also increased significantly every day.

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The government has already taken some steps, such as cutting excise duty and reintroduction of windfall tax, but experts believe these measures can only provide temporary relief and not a permanent solution.