Diesel Price Hike: After petrol now Diesel more become expensive. Yes you’ve heard it right. Following the rise in premium petrol prices, industrial diesel rates have also been increased. As reported by PTI, IOCL has raised the industrial diesel price to Rs 109.59 per liter, up from Rs 87.67 per liter, marking a hike of Rs 21.92 per liter. This increase will directly affect companies that rely heavily on diesel.
Where does industrial diesel come from?
Industrial diesel is not available at regular pumps; it is supplied directly between companies. Those that consume larger amounts of diesel will now incur higher costs. This situation may also affect everyday consumers in the future. With the rising costs of industrial diesel, companies will experience increased input expenses, which could lead to higher prices for their products down the line.
Premium petrol prices have also gone up
On March 20th, oil companies raised the price of premium petrol by Rs 2.09 to Rs 2.35. Meanwhile, the prices for regular petrol and diesel have remained stable. However, the recent surge in crude oil prices has put significant pressure on these companies. If the ongoing conflict does not resolve soon, we may see an increase in regular petrol and diesel prices as well.
What did the Petroleum Ministry say regarding the price hikes?
In a media briefing, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, stated, “There is some information about a slight increase in the premium category. However, this only accounts for 2 to 4 percent of the total petrol sales in the country.” She also mentioned that there has been no price increase for the general public.
Since April 2022, oil companies have not raised the prices of standard petrol and diesel, maintaining stability in those rates. Despite the growing pressure on oil companies recently, they reported a profit of Rs 81,000 crore for the fiscal year 2024, with IOCL, BPCL, and HPCL earning Rs 23,743 crore in profit during the December quarter alone.