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At the same time, the companies are raising the argument that they cannot make up for the losses with the daily increase. The companies started the recurrence after the government did not allow a sudden price hike after the local elections. In the current scenario, experts expect the price hike to continue till it rises to at least Rs 15-20 per liter.
Public sector oil companies IOC, Bharat Petroleum Corporation and HPCL Moody’s reported yesterday that the loss was over Rs 19,000 crore. The assessment is that the daily rise in fuel prices is inadequate. In many parts of the country, private pumps, including Reliance, are running out of fuel.
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Reports and close circles indicate that prices will continue to rise. With fuel prices soaring, the next inflation report and monetary policy are crucial. On the 22nd, the companies had increased the price of cooking gas along with the price of fuel. The price has been hiked by Rs 50 per domestic cylinder and Rs 13 per 5 kg child cylinder. With this, people in many places are forced to pay more than Rs 1,000 to get a domestic cylinder home. The fact that there are no subsidies for current purchases is also a setback.
Fuel prices in major cities
In New Delhi, the revised price for a liter of petrol is Rs 102.65. 93.24 per liter of diesel. In Mumbai, a liter of petrol costs Rs 116.82 and a liter of diesel Rs 100.92. In Thiruvananthapuram, a liter of petrol costs Rs 113.24 and a liter of diesel Rs 100.14. In Kochi, petrol is priced at Rs 111.28 per liter. Diesel is priced at Rs 98.29 per liter. Kozhikode: Petrol price reached Rs 100 on August 5. Today, a liter of petrol costs Rs 111.52 and diesel Rs 98.54.
| City | Petrol (Rs.) | Diesel (Rs.) |
| Thiruvananthapuram | 113.24 | 100.14 |
| Cochin | 111.28 | 98.29 |
| Kozhikode | 111.52 | 98.54 |
| New Delhi | 102.65 | 93.24 |
| Mumbai | 116.82 | 100.92 |
Crude oil prices
Crude oil prices are falling in the international market. It is trading at $ 104.83 a barrel. Yesterday it was $ 109.00. OPEC countries have said they will increase production, but fuel prices have soared in recent days. At the same time, the rupee depreciated against the dollar. At the Interbank Foreign Exchange (Forex) market, the rupee was trading at 75.92 a dollar. Yesterday it was Rs 75.81. The value of the Russian currency, the ruble, has plummeted in the wake of the sanctions.
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