Government considers petrol and diesel price hike after firms' losses
You might want to keep an eye on fuel prices; petrol and diesel could get more expensive soon.
The government is considering a price hike because oil companies have been losing money since early April 2022, thanks to a freeze on retail rates.
All this comes as global crude oil prices shot up (they hit $126 a barrel recently) and shipping routes through the Strait of Hormuz are facing disruptions, making things even tougher.
Delhi fuel unchanged, firms lose money
Right now, petrol in Delhi costs ₹94.77 per liter and diesel is at ₹87.67, but these prices haven't changed despite rising international costs.
That's left state-run oil firms taking a hit, losing about ₹20 per liter on petrol and roughly ₹100 per liter on diesel lately.
To cope, they've tweaked commercial LPG and industrial diesel rates to better match global trends, but regular fuel prices have stayed put for now.