Crude oil on record! Petrol and diesel prices will rise to Rs 12 per liter
In five states, including Uttar Pradesh, oil prices have not risen in the last four months due to assembly elections. In the next 11 days, petrol and diesel prices could rise to Rs 12 per liter. This was stated in a report by ICICI Security.
According to a report by ICICI Security, retailers are expected to raise petrol and diesel prices by more than Rs 12 per liter by March 16. In addition, the margin of oil companies is expected to increase by Rs 15.1 per liter. Brokerage Company J.P. “Assembly elections in the state will end by next week,” Morgan said in a report. It is expected that after this, the daily fuel price may rise. In all five states, including Uttar Pradesh, the counting of votes will take place on March 10.
According to the report, as of March 3, 2022, the net marketing margin of vehicle fuel was Rs 4.92 per liter. In the fourth quarter of the current financial year, it was Rs 1.91 per liter. However, in the current international price of fuel, net margins could fall to Rs 10.1 per liter on March 16 and Rs 12.6 per liter on April 1. According to the Petroleum Plan and Analysis Cell (PPAC) under the Ministry of Petroleum, the price of crude oil bought by India on March 3 rose to $ 117.39 per barrel. The fuel price has reached its highest level since 2012.