There is bad news coming for consumers as the prices of petrol and diesel are likely to be hiked again, a government source has told Business Today TV. As per the source, there will be a graded price hike and not a onetime hike.
The quantum of price hike on diesel could be more than that of petrol, the source further added, as the revenue loss for diesel for Oil Marketing Companies (or OMCs ) are higher in comparison to petrol. The hike in the price of diesel could be somewhere in the range of Rs 3-4 and for petrol the range could be between Rs 2-3.
Another source on the condition of anonymity pointed out that the final quantum will be soon decided but since the OMCs are facing revenue loss to the tune of Rs 25- 30 per litre on diesel and Rs 9-10 on petrol, this minimum price hike will have to be undertaken.
Petrol and diesel prices were hiked 14 times between March 22 to April 6 .
Thereafter, no further hikes in fuel have been affected in the last 40 days. As of now, the prices of petrol and diesel are firm at Rs 105.41 per litre and Rs 96.67 per litre, respectively (as per pump prices in Delhi). India imports 80 per cent of its oil, the majority of which comes from the Middle East and the United States. 2 per cent of supplies are imported from Russia.
As the world’s second-biggest oil importer, the country spent $119.2 billion in FY21-22 vs. $62.2 billion on the commodity in the previous fiscal, according to data from the Petroleum Planning & Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas.