Petrol and Diesel Price: Petrol and diesel prices have been revised due to the ongoing tensions between Iran and Israel. Indian Oil Corporation (IOCL) has increased the price of premium fuel. The company has increased the price of 100 octane petrol,also known as XP100 petrol. In Delhi,its price has been increased from Rs 149 to Rs 160 per liter.
Additionally,premium diesel “Extra Green” has also become more expensive. Its price has risen from Rs 91.49 to Rs 92.99 per liter. These new rates have been implemented at all IOCL outlets. Indian Oil Corporation has not yet provided a clear reason for the price increase on premium petrol and diesel,but it is believed that fluctuations in global crude oil prices and increased logistics costs due to the US-Iran war could be the reasons behind this increase.
Second consecutive lead
The increase in premium oil prices will most impact those involved in transport vehicles,logistics,and agriculture. Prices have risen by Rs 1.50 per liter to Rs 11 per liter. Although this diesel offers better mileage and engine performance,its use may decline due to the rising prices. Earlier,on March 20,state-owned oil companies increased the price of premium petrol by Rs 2 to Rs 2.35 per liter. However,there has been no change in the price of regular petrol at this time.
Excise duty on petrol and diesel reduced
On March 27th,the government reduced the excise duty on petrol and diesel by Rs 10 per liter each. This move was aimed at reducing the mounting financial pressure on state-owned oil companies and maintaining adequate supplies in the country. This provided significant relief to the oil companies,who were already incurring significant losses trying to maintain stable retail prices.
However,despite fluctuations in the international oil market,the Indian government has indicated that there is currently no shortage of petrol and diesel in the country. According to the government,oil companies are absorbing some of the price changes themselves,so that consumers are not shocked by sudden price increases.