India To See More Price Hike In Crude In Coming Weeks

Last updated on April 5th, 2022 at 03:44 am

According to a formal statement made in a question-answer session in the Parliament, Minister of State (MoS) in Petroleum and Natural Gas Ministry Rameswar Teli has justified the increase in the prices of crude oil in the country.

He stated that the prices of petrol and diesel have been market-determined from June 2010 and October 2014, respectively and the public sector oil marketing companies (OMCs) always takes appropriate decision on pricing of petrol and diesel.

He had further added that “The OMCs take appropriate decision on pricing of petrol and diesel in line with their international product prices, exchange rate, tax structure, inland freight and other cost elements.”

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Surprisingly, the prices continue to fluctuate and increased for the 12th time in two weeks; and have also increased by Rs. 8.40 per litre. Petrol in the National Capital of Delhi currently retails at Rs. 103.81 per litre up from Rs 103.41 per litre yesterday, an increase of 40 paise from yesterday while diesel in the city is priced at Rs 95.07 per litre up from Rs 94.67 per litre. In Mumbai, a litre of petrol and diesel cost Rs 118.83 and Rs 103.07, respectively.

Opposition has already been blaming the Center of entering into bed with Russia, a country which is being ostracized by the West for its treatment of Ukraine. India has recently bought crude from Russia in discounted prices, yet the price of oil continues to increase in various cities of India.

Mid of March, state-run Indian Oil Corporation had bought 3 million barrels of crude oil from Russia to secure its energy needs, resisting Western pressure to avoid such purchases. The United States, Britain and other western countries are continuing to urge India avoid buying Russian oil and gas. Indian media reports said Russia was offering a discount on oil purchases of 20% below global benchmark prices. India has gone and done the dangerous already. Prices of oil continues to surge worldwide, posing a huge burden for countries like India, which imports 85% of the oil it consumes. Its demand is projected to jump 8.2% this year to 5.15 million barrels per day as the economy recovers from the devastation caused by the pandemic.