Crude oil rose 102 per cent in two years; petrol, diesel up only 19 per cent and 27 per cent
NEW DELHI: The average price of Indian basket of crude oil rose by 102% between November 2020 and November 2022, while the retail prices of petrol and diesel have increased by only 18.95 % and 26.5% during this period, said petroleum minister Hardeep Singh Puri on Thursday.
India’s crude basket, which was $43.34 per barrel in November 2020, costs `$87.55 per barrel in November 2022. “Prices of Petrol and Diesel have not been increased by public sector Oil Marketing Companies (OMCs) since April 6, 2022, despite record high international prices,” Puri said in a written reply to Lok Sabha.
The minister further said as a result, against the combined profit before tax, of Rs 28,360 crore in the first half of financial year 2021-22, the three oil marketing companies (OMCs) IOCL (Indian Oil Corporation Limited), BPCL (Bharat Petroleum Corporation Limited) and HPCL (Hindustan Petroleum Corporation Limited) have reported a combined loss of Rs 27,276 crore in the first half of current financial year.
Giving the details of price hike in transport fuel all over the world, the ministry said in the US, from October 2022 to October 2022 the petrol and diesel prices are up by 98.2% and 144.6%, respectively. In Canada, the petrol price increased by 80.6% and diesel was up by 138.4%, in Spain it is 40.1% and 74.1% ,respectively, and in the UK petrol and diesel prices are up by 41% and 52%, respectively.
The exchange rate also witnessed a hike by 12%, in November 2020 it was Rs. 73.46 per dollar and now it is 82.34 per dollar. Currently, India imports over 85% of its crude oil requirements from all over the world. Russia, in a row, India’s top oil supplier in November 2022, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. In terms of LPG consumption, India imports more than 60% of its domestic LPG consumption.
Global fuel price hike
Giving details of price hike in transport fuel all over world, Hardeep Singh Puri said in US, from October 2022 to Oct 2022 petrol and diesel prices are up by 98.2% and 144.6%, respectively