Petrol-Diesel Price: The price of LPG has increased, then why the price of petrol-diesel remains the same? Know the government policy

Petrol-Diesel Price Today: Last Friday, the price of 19 kg commercial LPG was increased by Rs 993 in the country. This is the highest price increase so far this year. This increase in prices was made at a time when global crude oil prices reached their highest level in four years on Thursday morning, which were more than $ 126 per barrel. Due to this, people were speculating that now fuel prices are going to increase.

Last week, many fake notices kept circulating on social media and opposition leaders also asserted that the prices of petrol and diesel will increase rapidly after the assembly elections in many states. However, despite oil marketing companies incurring huge losses in recent weeks, fuel prices have still remained stable since the Rs 2 per liter cut in March last year. After the increase of Rs 60 in March, the rates of domestic LPG were also kept unchanged and the prices of petrol and diesel were also not changed.

Why are the prices of petrol and diesel not increasing?

Meanwhile, speaking to Indian Express, a senior government official said, “This is bound to happen. It is just a matter of time that the prices (of petrol, diesel and domestic LPG) will increase.” But even after almost a week after the end of assembly elections across India, the government has not yet implemented any such change.

Retail prices of petrol and diesel have remained almost the same for the last four years and the government has clarified several times that there is no plan to increase the prices. All this is happening when due to the ongoing conflict in West Asia, crude oil prices have increased by more than 50 percent in the last two months and according to some recent estimates, the daily loss has reached Rs 2,400 crore.

State oil companies — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — have faced many major geopolitical changes and huge price fluctuations during this period. Crude oil prices rose above $100 per barrel soon after Russia launched its attack on Ukraine.

Although, at the beginning of this year, they had come down to around $ 70 per barrel, but on Thursday they crossed the figure of $ 126. The revenue of the companies had increased significantly due to the softening of global crude oil prices. In the financial year 2024 itself, the total profit of oil companies (OMCs) had reached a shocking level of Rs 86,000 crore. This is perhaps an important reason due to which oil companies are able to bear the current losses.

Today’s price of petrol and diesel

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