Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
The three
state-run oil marketing companies (OMCs) – Indian Oil Corporation (IOCL),
Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL)
– have cumulatively posted a loss of ₹18,622 crore during April-December of
FY23, Parliament was informed on Monday 20 March.
“The three
public sector OMCs viz. IOCL, BPCL and HPCL have booked a combined loss of
₹18,622 crore during April 2022 to December 2022,” Minister of State (MoS) for
Petroleum & natural Gas Rameswar Teli said in a written response to a query
in the Rajya Sabha.
The OMCs have been booking losses on
sale of petrol and diesel due to unprecedented volatility in international
crude oil prices following the Russia-Ukraine war in February 2022 and the
freeze on the retail prices of both the auto fuels since April 6, 2022.
“While
crude oil price (Indian basket) in rupee per barrel terms has increased by 23
per cent from December 2021 to March 2023, the increase in retail selling price
of petrol and diesel at Delhi has only been 1.08 per cent and 3.40 per cent,
respectively during this period,” the Minister pointed out.
Responding
to a starred question in the Rajya Sabha, Oil Minister HS Puri said that due to
high volatility and elevated prices of crude oil, most of the developed countries
have been reeling under high petrol and diesel prices.
“As per
data compiled by Petroleum Planning and Analysis Cell (PPAC), in developed
countries like US, the prices of petrol and diesel increased by about 10.8 per
cent and 35.2 per cent, respectively over the period January 2022 to January
2023, whereas during this period, prices in India (Delhi) increased only by
1.37 per cent and 3.40 per cent for petrol and diesel respectively,” Puri
added.
Similarly, during the same period
significant increase in the prices of petrol and diesel has been seen in the
neighbouring countries such as Pakistan (28 per cent in petrol and 40 per cent
in diesel), Bangladesh (32 per cent in petrol and 24 per cent in diesel), Sri
Lanka (29 per cent in petrol and 106 per cent in diesel) and in Nepal (31 per
cent in petrol and 48 per cent in diesel), the Minister said.
