Knews Desk– The impact of the ongoing tension in West Asia is now clearly visible on the global economy. Meanwhile, news has come out that the prices of petrol and diesel in India may increase soon. According to sources, oil companies can revise fuel prices before May 15. This decision can be taken in view of the continuously rising crude oil prices and increasing economic pressure on oil marketing companies.
According to the information, due to the ongoing conflict in West Asia, there has been a huge rise in the prices of crude oil in the international market. While till some time ago the price of crude oil was around $70 per barrel, now it has increased to around $126 per barrel. This rise in crude oil prices is having a direct impact on the costs of oil marketing companies (OMCs).
Sources say that government oil companies are facing under-recovery of about Rs 30 thousand crore every month. That means the price at which companies are selling petrol and diesel is much lower than their actual cost. Despite this, till now fuel prices have been kept stable in the domestic market to provide relief to the general public.
It is being told that the government and oil companies together are bearing the additional burden of about Rs 24 per liter on petrol. Its objective is to control inflation and reduce economic pressure on the common people. However, it is becoming difficult for companies to bear this burden for a long time.
Experts believe that if the prices of crude oil in the international market remain at this high level, then the increase in the prices of petrol and diesel is considered almost certain. This may increase transportation costs, whose impact may also be seen on the prices of food items and other essential goods.
At present, continuous talks are going on between the government and oil companies. It is believed that after reviewing the situation in the coming days, a final decision regarding change in prices will be taken. If prices increase, it can have a direct impact on the pockets of common consumers.
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