Petrol and diesel will become more expensive now, BPCL indicated amid oil crisis; The common man will again feel the shock of inflation!

Petrol-Diesel Price Latest Update: The effects of the ongoing tension in the Middle East started becoming visible in India. The prices of petrol and diesel have increased three times in the month of May. All this increase has happened in the last 10 days. However, the trend of increase in fuel prices is likely to continue further. Government oil marketing company Bharat Petroleum (BPCL) has indicated that petrol and diesel prices may increase further amid the global energy crisis and continued volatility in crude oil prices.

The ongoing conflict in the Middle East and the closure of the Strait of Hormuz have caused major disruption in global oil supplies. Due to almost complete stoppage of movement of fuel through this route, there has been a global energy crisis, due to which the price of crude remains high. According to an Economic Times report, Bharat Petroleum Corporation Limited (BPCL) Director (HR) Raj Kumar Dubey has indicated that if the situation remains like this for a long time, it is difficult to avoid further increase in retail prices of fuel.

‘These three options before the Government of India’

Raj Kumar Dubey said that in the current situation, policy makers have three options. First, petrol and diesel Prices should be increased directly. Second, the oil companies themselves continue to suffer losses. Third, the government should provide relief to companies through deficit financing. He further said that energy prices in the global market have increased by up to 50 percent, which was initially considered temporary. But now the situation looks different. The way the situation is progressing, it seems that this crisis may continue.

Then how expensive will petrol and diesel be?

America and Israel’s Iran The attack and Tehran’s retaliation have severely damaged energy infrastructure in the West Asia region. He said it would take a long time to repair the damage caused to energy infrastructure. In such a situation, if the current situation continues, fuel prices may have to increase further. However, the top official of BPCL has not said anything on how much the price will increase in the future, but he said that if this continues for a long time, then the increase is inevitable.

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‘India is importing oil from many countries’

Raj Kumar Dubey said that despite geopolitical tensions and oil supply being affected in Hormuz, India has handled the supply crisis to a great extent. He attributed this to diversification of supply sources and diplomatic efforts. According to him, instead of relying only on limited countries, India has now increased oil imports from Russia, Africa and other regions. Earlier India had only 20 supply points, which has now increased to 40. After the war, the demand for fuel in the country has increased, but despite this there has been no shortage.