Petrol, diesel rates up by ₹1.60 a litre in two days

Petrol, diesel rates up by ₹1.60 a litre in two days
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NEW DELHI: Petrol and diesel become costlier by ₹1.60 per litre in two days as state-run oil companies on Wednesday raised their rates by 80 paise a litre for the second consecutive day even as the international oil prices remained flat on Tuesday.

Benchmark Brent crude on Tuesday fell marginally at $115.48 a barrel compared to $115.62 the previous day. State-run fuel retailers say they align domestic retail prices daily with their respective benchmarks of the previous day.

Brent, which fell to $114.7 on the Wednesday opening, later surged 1.33% to $117.02 a barrel at 11:40 am (India time), indicating petrol and diesel rates may increase further, two government officials and three company executives said, requesting anonymity.

“In fact, OMCs [oil marketing companies] are recovering their past revenue losses as daily changes in fuel rates were frozen for almost four-and-a-half months since November 3, 2021,” one of them with direct knowledge of the matter said. They said that prices were frozen for political reasons ahead of assembly elections in five states including Uttar Pradesh.

With the latest rate increase, petrol in Delhi was being sold at ₹97.01 a litre while diesel at ₹ ₹88.27. Fuel rates vary across the country because of different state levies and transportation charges. The prices of the Indian Oil Corporation (IOC) in Delhi are the national benchmark. Other state-run firms keep their rates marginally different.

“The decision to start raising fuel rates was also taken to protect private fuel retailers – Shell, Nayara Energy and Reliance-BP – as they were on the verge of shutting down their pumps because dominant public sector players continued selling auto fuels at huge revenue losses,” an official said.

Public sector retailers IOC, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd enjoy a monopoly in the domestic market. They operate about 90% of 81,699 fuel pumps across the country. The three firms on Tuesday lifted the 139-day freeze on daily change in fuel rates after assembly elections ended this month.

The Opposition criticised the government for raising petrol and diesel rates after the elections as they have an inflationary impact. Congress leader Randeep Singh Surjewala said in a tweet: “Loot People Plan continues! #Petrol #Diesel Prices hiked by 80 Paisa, ₹1.60/litre in 2 days. Best time to loot farmers is harvesting season. Looting Middle Class-Salaried is their divine right…”

The petroleum ministry did not respond to an email query on this matter. Oil minister Hardeep Singh Puri told Lok Sabha on March 17 that fuel rates are deregulated. “Prices of petrol and diesel have been market-determined with effect from 26.06.2010 and 19.10.2014 respectively. Since then, Public Sector Oil Marketing Companies take appropriate decisions on pricing of petrol and diesel on the basis of international product prices and other market conditions,” he said.

The people cited above said the government tacitly controls the pricing of “politically sensitive” petroleum products.

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