Crude Oil Price: Minister of State for Petroleum Ramesh war Teli told the Lok Sabha in a written reply that despite record high international prices, the price of petrol and diesel has not been increased by public sector oil marketing companies from April 6, 2022.
Crude Oil Basket Price: The price of Indian crude oil basket increased by 23 percent from December 2021 to March 2023 in terms of rupees per barrel. But in comparison, the retail selling price of petrol and diesel has increased. Delhi has only 1.08 percent and 3.40 percent. This information was given to the Parliament.
Minister of State for Petroleum Rameshwar Teli told the Lok Sabha in a written reply that despite record high international prices, the price of petrol and diesel has not been increased by public sector oil marketing companies (OMCs) from April 6, 2022.
Heavy loss even on LPG sales
Three OMCs namely Indian Oil Corporation (IOCL), Bharat Petroleum Corporation and Hindustan Petroleum Corporation (OMC) have registered a combined loss of Rs 18,622 crore between April 2022 and December 2022.
The three OMCs have also suffered heavy losses on the sale of domestic LPG, where the price is monitored by the government. To make up for these losses, the Center has recently given them a one-time compensation of Rs 22,000 crore.
Petrol and diesel prices in the country have been market determined with effect from June 26, 2010 and October 19, 2014 respectively. The minister said that since then the oil marketing companies take appropriate decisions on the pricing of petrol and diesel.