Oil Price revision to begin next week; Petrol price Rs 175 is not surprising though

It is not surprising that in the case of the Russia-Ukraine war, the Petrol price in India will go up to 150 to 175 per litre. Oil price revision to begin next week; petrol costs Rs 175 is not surprising though. Because international oil prices have crossed 100 USD per barrel, petrol price and diesel prices are likely to resume after next week’s state elections to reduce the current 9 per litre gap.

International crude oil prices rose above 110 USD per barrel for the first time since mid-2014, due to fears that the conflict in Ukraine or Western countries could hamper oil and gas supplies from the energy giant Russia. According to the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC), the basket of crude oil that India buys on March 1 is over 102 USD per barrel, the highest since August 2014.

Compares to an average of USD 81.5 per barrel of Indian basket crude oil at the beginning of November last year when petrol and diesel prices were stopped. “We expect daily fuel prices to resume on both petrol and diesel as state elections take place next week,” the JPMorgan report said.

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 The seventh and final phase of the Uttar Pradesh Assembly elections will be held on March 7 and the counting of votes will take place on March 10. Govt owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) are losing Rs 5.70 per litre on petrol and diesel.