The reasons behind the increase in petroleum product prices in the country have come to light.
The factors contributing to the increase in petroleum product prices include the interests of oil marketing companies, dealers, and the depreciation of the rupee. The OMC margin on petrol has increased to Rs. 6.47 per liter, while dealers’ commission has reached Rs. 7.41 per liter. According to the Ministry of Finance, OMC margins and dealers’ commissions will be further increased.
The purchase of petroleum products at the retail rate per liter has seen an increase of Rs. 1.60. Meanwhile, the freight rate for petrol has risen from Rs. 3.77 per liter to Rs. 5.37 per liter.
On the other hand, in the global market, the price of crude oil has surged from $88.55 per barrel to $93.93 per barrel.
These factors have led to a rise in fuel prices in the country, impacting consumers and businesses. It is essential for authorities to closely monitor and manage these variables to ensure a stable and affordable energy market for the people.
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