Petrol-Diesel Price News: Another big inflation bomb is about to explode in your pocket. The prices of petrol and diesel are going to increase in the country. Government sources have indicated that a huge increase in the prices of petrol and diesel cannot be ruled out in the near future. This means that the prices which were stable for the last four years, are now ready to spoil your budget.

Crude oil prices are on fire

Government sources told news agency PTI that there is panic in the global oil market due to the increasing war between America and Iran and stalled peace talks. This time international crude oil prices have reached the highest level of four years of $ 126 per barrel. Now the eyes of the whole world are fixed on the ‘Strait of Hormuz’.

Why will prices increase in India?

In fact, the losses of government oil companies are now becoming unbearable. Retail prices were kept stable for the last four years, but now the situation has changed. According to Oil Ministry officials, companies are incurring a loss of about Rs 20 per liter on petrol and about Rs 100 per liter on diesel. Crude oil, which was 70 dollars last year, now averages beyond 114 dollars.

Earlier it was estimated that oil prices in the country could rise by Rs 25 to Rs 28 per litre. However, these reports were completely rejected by the government.

Recently, Indian Oil Corporation (IOC) issued a statement on behalf of the industry saying that despite the huge increase in international energy costs, there is no increase in the rates of petrol, diesel and domestic LPG.

LPG gas cylinder became expensive today

Let us tell you that today, on the first of May, companies have increased the prices of commercial LPG, industrial diesel and jet fuel. Now it is the turn of common man for petrol and diesel. At present petrol in Delhi is Rs 94.77 and diesel is Rs 87.67.