Prices of petrol and diesel are manifesting continuous surge. The prices are being revised for the sixth time this week, the oil companies are resuming their prices constantly. The latest surge shows a rise of 30 and 35 paise per litre of price on petrol and diesel respectively. The prices have increased around rupees 4 from the past week.
After the revised cost of petrol, it costs around 99.41 rupees per litre, and the cost of diesel is 90.77 rupees for 1 litre. (This data is based on the oil price in the national capital.) This surge in petrol and diesel prices is closely related to the disturbances in the international market.
Due to the ongoing war between Russia and Ukraine, this hike was foreseen by the experts. The current price of the crude oil barrel is raised to $120 per barrel. Pertaining to the barrel price of crude oil, the Indian market is expected to raise the price of petrol and diesel even more. However, the changes in the Indian market would be seen in small amounts in a long period.
India fuel retailers- Bharat Petroleum, Hindustan Petroleum and Indian Oil dominate the fuel industry in the nation. The fuel prices tend to remain the same in the market as these oil retailers decide their prices together. This suggests more fluctuation in the price of petrol and diesel in the coming days, as India is dependent on oil imports by 85 per cent.
