The prices of petrol, diesel and LPG in the country are currently stable, but due to this the oil companies are facing huge losses. According to the Petroleum Ministry, government oil companies (OMCs) are getting under-recovery of about ₹30,000 crore every month. That means companies are buying crude oil at expensive prices, but selling fuel to customers at cheap prices.
Sujata Sharma, Joint Secretary of the Petroleum Ministry, said that the prices of crude oil have increased rapidly in the international market. Crude oil has increased from $70 per barrel to around $120 per barrel. Despite this, the government is not increasing the prices of petrol and diesel to save the common people from inflation. The government has also reduced the excise duty to reduce the burden on oil companies. Due to this, the government is incurring a loss of about ₹14,000 crore every month.
Big impact of Iran tension
Global energy supply has been affected due to increasing tension in West Asia and crisis in the Strait of Hormuz. Due to this, huge fluctuations are being seen in the prices of crude oil and gas. Experts believe that if this tension continues for a long time, fuel prices may increase in India too.
Is there shortage of petrol and diesel in the country?
The government has clearly said that there is no shortage of petrol and diesel in the country. All refineries are working at full capacity and fuel supply remains normal. According to the Petroleum Ministry, about 97 lakh LPG cylinders were delivered to the people in the last two days. Besides, record sales of small 5 kg cylinders have also been achieved.
Strictness to stop black marketing
The government has increased surveillance to prevent hoarding and black marketing of fuel and LPG. More than 200 surprise inspections were conducted recently. Notices were sent to many distributors, some were fined and one distributor was even suspended.
