By Admin 
Petrol Diesel News: Inflation is continuously increasing in the country, it starts with the prices of oil. Which has increased for the fourth consecutive time in 10 days. Now after the increase in the prices of petrol and diesel, there has been a slight reduction in the losses incurred by the oil companies. Information about this has been given by the Ministry of Petroleum and Natural Gas itself. In which the Joint Secretary of the Ministry has said that there has been a reduction in the losses incurred by the government oil companies due to selling fuel at a lower price than the cost.
Update came from the ministry
In fact, recently, Sujata Sharma, Joint Secretary of the Ministry of Petroleum and Natural Gas, told during a press briefing on Monday that the prices of petrol and diesel have increased by four steps by about Rs 7.5 per liter. Due to which the losses incurred by government oil companies due to selling fuel below cost have reduced. This loss has reduced to approximately Rs 600 crore per day.
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He further said that before the price revision started on May 15, the loss on sale of petrol, diesel and domestic cooking gas LPG was about Rs 1,000 crore per day. Now this loss is a little less than Rs 600 crore per day. This loss also includes the loss incurred from the sale of domestic LPG. LPG sold for domestic use is a subsidized product, and the difference between the cost and the retail selling price is met by the government.
On the other hand, petrol and diesel are unregulated products whose price is determined by the market. Despite crude oil prices rising by more than 50 percent due to the war in Iran, state oil companies made losses on these products after keeping retail rates stable.
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Petrol and diesel prices increased for the fourth time
Let us tell you that today the prices of petrol and diesel have increased for the fourth time in the month of May. Today the price of petrol has increased by Rs 2.61 per liter and the price of diesel has been increased by Rs 2.71 per liter. Due to which inflation is also continuously increasing. At the same time, speculations are also being made that there may be further increase in the coming time.