Petrol Diesel Price Hike: With the end of the assembly elections, the prices of petrol and diesel may increase. Actually, the price of crude oil in the global market has gone up to $140 per barrel. This is the highest level of crude oil since July 2008. Regarding the possibility of increase in petrol and diesel prices, Petroleum Minister Hardeep Puri said today that oil was deregulated by the UPA government and if you deregulate then Freight Charges are also added to it.
He further said that we will not allow shortage of oil. Also keep in mind what is the situation in the world? There is a war going on between Russia and Ukraine. The price of oil depends on the international conditions. We will take the decision which is best in the interest of our citizens. Hardeep Puri said, “To say that the government had control over oil prices because of elections is not correct…we will ensure that our energy requirements are met.”
Crude oil in West Texas Intermediate, the US oil benchmark, rose to $130.50 a barrel on Sunday evening. Significantly, India meets 85 percent of its crude oil requirement through imports. Oil prices have already increased by more than 60 percent this year and a weak rupee is adding to the trouble for the country. Industry sources said petrol and diesel prices need to be increased by Rs 15 per liter to reduce the losses of fuel retailers.