Petrol crosses Rs 100-mark in Delhi again, govt loses Rs 50000 cr revenue –Here’s how much you may pay for fuel

New Delhi: Petrol price on Tuesday crossed Rs 100 a litre mark after rates were hiked by 80 paise a litre and 70 paise in case of diesel, taking the total increase in rates in one week to Rs 4.80 per litre. 

Petrol in Delhi will now cost Rs 100.21 per litre as against Rs 99.41 previously while diesel rates have gone up from Rs 90.77 per litre to Rs 91.47, according to a price notification of state fuel retailers. Fuel Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.

This is the seventh increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22. On the first four occasions, prices were increased by 80 paise a litre – the steepest single-day rise since the daily price revision was introduced in June 2017.  Given the geopolitical situation and the amidst the ongoing Russia-Ukraine war, the prices of the fuel is only expected to continue rising.

Here’s looking at how much you may have to pay for petrol and diesel in the coming days

Due to non-increasing prices, government has faced a loss of more than Rs 50000 crores

There are not many options available for the government at the current situation. The government had not made any changes in petroleum products since November 4. This means that in the months of November, December, January, February and March, the government did not pass the burden of the increased cost price on the public due to scheduled state elections, due to which the government lost more than Rs 50000 crores in revenue only in crude oil. 

Now, if we take the import bill for the month of October as the basis, then in the next four months the total loss has been incurred by the government is as per the following table.

Month Import Bill of Crude Oil (Cr) Deficit (Cr) in comparison to October as base price.
October 72052
November 79010 6957
December 82487 10434
January 86582 14529
February 87248 15196
Total   47116

Source : PPAC *Data Awaited 

Petrol in Delhi may touch Rs 110

In October, the country paid USD 80 per barrel of crude oil. In the month of February, the price of crude oil increased by 38 percent to USD 108 per barrel. In Rupee terms, the average price of crude oil in the country which was Rs 37 per liter four months ago, reached Rs 51 in March –which means an increase of about Rs 14. In such a situation, if the government charges only the increased cost price in petrol from the public, then petrol in Delhi could reach upto Rs 110 per litre.

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