Petrol and diesel prices across India remained stable on Friday, May 22. However, it is not yet known how much the fuel rates will increase. Between May 15 and 19, the prices of petrol and diesel have risen by approximately Rs 4 each. The continuous losses being incurred by oil companies have led to fears that the prices of petrol and diesel may rise again. Earlier this week, petrol was increased by 87 paise and diesel by 91 paise per liter, after which the prices have remained at new records.

How much are oil companies losing?
Indian oil marketing companies are incurring significant losses due to selling petrol, diesel, and domestic LPG below cost. They are incurring a total loss of approximately ₹1,380 crore per day. However, after the recent price increase of ₹3 per liter, the companies' net daily losses have reduced to approximately ₹750 crore.

Moreover, if we look at the LPG figures, companies are also incurring significant losses on cooking gas. According to HPCL, companies are currently losing ₹670 per 14.2-kilogram domestic LPG cylinder.

PC- Jansatta