Russia Ukraine War: Due to the Russia -Ukraine war, crude oil prices continuously increase in the international market. In the past, the cost of crude oil had reached record levels. However, even after this, the price of diesel petrol in India was not changed. Obviously, due to the assembly elections being held in five states in the country, the cost of diesel petrol has not been changed.
Need to increase the price of petrol and diesel by Rs 12-15- Report
Brokerage company JP Morgan said in a report the state assembly elections would be over by next week. After that, the fuel rates may increase daily. Retailers need to increase the price of petrol and diesel by Rs 12-15 per litre by March 16 to recover the cost.
Price Of Petrol Diesel Suddenly Increase
Fuel prices have not been increased for the last four months, while international crude oil prices have been growing continuously, and on Thursday, it had crossed $120 a barrel, which is the highest in the last nine years. However, the price has come down slightly to $111 a barrel on Friday.
ICICI Securities said that due to the increase in international oil prices in the last two months, state-owned oil companies would have to increase fuel prices by Rs 12.10 per litre on or before March 16, 2022, to recover the cost. At the same time, adding their margins as well, a price increase of Rs 15.10 per litre is required.
The margin of vehicle fuel reached -4.92 per litre
According to the report, on March 3, 2022, the net margin of vehicle fuel came below zero at Rs 4.92 per litre. The fourth quarter of the current financial year is Rs 1.61 a litre. However, at the recent international fuel price, the net margin may fall to minus Rs 10.1 per litre on March 16 and below zero to Rs 12.6 per litre on April 1.
