The price of gasoline and diesel in the country does not increase despite the continuous rise in crude oil prices on the global market. As a result, oil companies are losing money. Due to assembly elections in five states, prices for gasoline and diesel have not increased. Petrol Diesel prices may rise by Rs 5-6 a liter after the assembly elections.
According to experts, companies are suffering huge losses due to the non-increasing prices of petrol and diesel. The prices have increased by Rs 5-6 a liter as a result. After the assembly elections in five states, gasoline and diesel prices will probably rise if crude oil prices stay high on the international market.
Learn how prices affect the economy
In the domestic market, the price of crude oil will increase by 45-47 paisas per liter when crude oil is costing more on the global market. Since Diwali, petrol and diesel prices in the domestic market have remained stable despite increases in crude oil prices in foreign markets.
The price of crude oil is rising
As a result of ongoing tensions between Russia and Ukraine, the price of international crude oil rose to $94 per barrel on Tuesday. This is the first instance since 2014 that crude has reached this price. The cost of crude oil may exceed $125 per barrel if tensions between Russia and Ukraine persist.
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