Petrol and diesel will become expensive before May 15! Government and oil companies under pressure, additional burden of up to ₹ 30 on every liter

Petrol Diesel Price Hike In India: The effects of the ongoing conflict in the Middle East are now being seen all over the world. Meanwhile, such information is coming out that the prices of petrol and diesel may increase once again. Which is likely to happen before May 15. According to sources, due to the ongoing tension between Iran-Israel and America, there has been a huge jump in the prices of crude oil, which has created huge economic pressure on the oil marketing companies.

Sources aware of the matter say that oil companies are facing under-recovery of about Rs 30 thousand crore every month. In the international market, the price of crude oil has jumped from $70 to $126 per barrel. However, despite this increase, there has been no change in the prices of petrol and diesel in India till now.

Petrol and diesel will become expensive before May 15

It is being told that the government and oil companies are jointly bearing the extra burden of about Rs 24 per liter on petrol, so that the fuel prices are kept stable and the common man is not affected by inflation much. However, amid rapidly rising crude oil prices, an increase in the prices of petrol and diesel is now being considered. If sources are to be believed, changes in prices may be seen before May 15.

Fuel became expensive by 40 to 50%

It is noteworthy that the crisis arising in the Strait of Hormuz has caused huge damage to the global crude oil market. Despite the rise in crude oil prices to $ 126 per barrel in the international market, there has been no increase in the prices of petrol and diesel in India. However, this relief may not last much longer. According to the report of Business Today, common people may have to spend more for petrol and diesel before May 15. Except India, fuel has become costlier by 40-50% in all countries of Asia.

Loss of Rs 30 thousand crore every month

According to industry estimates, after crude oil prices reached all-time high, the government and oil companies together were bearing the additional burden of about Rs 24 per liter on petrol and about Rs 30 per liter on diesel. Even after reducing the excise duty, companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum are facing a loss of about Rs 30 thousand crore every month.

Also read: Share MarketStock market crashes due to fear of war in Middle East, Sensex opened 77631 points down and Nifty opened 24233 points down.

India increased import of crude oil

India has met Russia, America, West Africa and other regions. crude oil Kept the supply stable by increasing imports. It is being told that the country’s refineries are working at more than 100 percent capacity, so that the availability of fuel is not disrupted. Officials have said that the expansion of energy infrastructure over the past decade has also helped India deal with this crisis better.