Petrol Diesel Price: Major setback for common people. In light of the recent spike in crude oil prices caused by tensions in the Middle East, petrol and diesel prices are on the rise in several countries globally. Notably, India’s neighboring nations have significantly increased their fuel prices. Pakistan was the first to announce a substantial hike in petrol and diesel costs. Now, Sri Lanka has also reported a rise in fuel prices. Meanwhile, India has not seen any increase in petrol and diesel prices.
On Monday, government sources indicated that there would be no increase in petrol and diesel prices for the public. Although petroleum companies have raised the prices of domestic gas cylinders due to the current shortage and the price hikes in neighboring countries, India has not experienced similar increases in gas cylinder prices. Let’s also take a look at how much Sri Lanka has raised its petrol and diesel prices.
Petrol Diesel Price increased this much
Sri Lanka has raised its retail fuel prices by over eight percent starting from midnight on Monday, officials announced on Tuesday, as crude oil prices surged due to rising tensions in West Asia. This increase in retail prices for petrol and diesel comes at a time when global crude oil prices have surpassed the $100 per barrel mark for the first time in four years.
The state-owned Ceylon Petroleum Corporation (CPC) reported that the price of commonly used petrol and diesel has been raised by 22 Sri Lankan rupees per litre under the new rates. The company stated that this action was taken to prevent fuel hoarding and panic buying.
A CPC official noted that fuel consumption has sharply increased since the news of war in West Asia broke. Long lines have been observed outside petrol stations in Sri Lanka following the escalation of tensions in the region, which began with military conflict involving the US, Israel, and Iran on February 28. The CPC said there is currently no shortage of petrol and diesel in Sri Lanka, and the country has sufficient fuel reserves to last until the end of April.
There has been no rise in India
Conversely, even with the surge in crude oil prices, petrol and diesel prices in India remain unaffected. On Monday, government officials revealed that, despite crude oil prices exceeding $100 per barrel globally, there will be no increase in petrol and diesel prices for the time being. They also mentioned that the government is working hard to ensure a steady fuel supply throughout the country.
As the conflict in West Asia reached its tenth day, global markets took a hit, causing the price of the international benchmark Brent crude oil to approach $120 per barrel, which is about 65 percent higher than when the war started. However, it did see a decline afterward.
Officials indicated that the government is keeping an eye on global oil markets but currently has no plans to raise retail fuel prices. Petroleum marketing companies are likely to absorb the existing cost pressures for the time being. Although the country has ample reserves of both crude oil and finished fuels to satisfy its needs for the next six to eight weeks, the government has updated its policy regarding LPG refill orders.