Diesel price hiked: Diesel prices have increased by Rs 25 per liter for bulk consumers. Giving this information, sources said that diesel sold to wholesale customers has become costlier by Rs 25 per liter.
Petrol-Diesel Price: Wholesale consumers have suffered a major setback amid rising inflation. Diesel prices have increased by Rs 25 per liter for bulk consumers. Giving this information, sources said that diesel sold to wholesale customers has become costlier by Rs 25 per liter. This step has been taken after a 40 percent jump in international crude oil prices.
Diesel price hiked by Rs 25 per liter
However, there has been no change in the retail prices of diesel sold through petrol pumps. Let us tell you that there has been a jump of 20 percent in the sales of petrol pumps this month.
Bus fleet operators and bulk consumers like malls have bought fuel from petrol pumps. Usually they procure fuel directly from petroleum companies. This has increased the losses of the fuel retailing companies. Companies like Naira Energy, Geo-BP and Shell have been the most affected.
Despite the increase in sales, these companies have not reduced the quantity yet. But now it will no longer be economically viable for the pumps to operate.
Three sources with knowledge of the matter said that since the record 136 days the fuel prices have not increased, due to which it would be a more practical option for the companies to shut down the petrol pumps instead of selling more fuel at these rates. In 2008, Reliance Industries closed all its 1,432 petrol pumps after sales dropped to ‘zero’.
Sources said that the same situation is happening even today. Bulk consumers are buying from petrol pumps. Due to this the losses of these retailers are increasing. The price of diesel has increased to Rs 122.05 per liter for bulk consumers in Mumbai.
Diesel is being sold at petrol pumps for Rs 94.14 per liter. Similarly, diesel is priced at Rs 86.67 per liter at petrol stations in Delhi while it costs Rs 115 per liter for wholesale or industrial customers.
Rise in fuel prices globally
Public sector petroleum companies have not increased the prices of petrol and diesel with effect from November 4, 2021. However, there has been a jump in fuel prices globally during this period.
It is believed that fuel prices were not increased in view of the assembly elections of five states. The results of the assembly elections have come on March 10, but even after that, due to the second phase of the budget session of Parliament, the prices have not increased at the moment.
Due to the huge difference of Rs 25 in the rates for bulk consumers and petrol pump prices, wholesale consumers are buying fuel from petrol pumps. They are not booking tankers directly from petroleum companies.
Due to this the loss of petroleum companies has increased further. Naira Energy did not respond to e-mails sent in this regard. Jio-BP said that there has been a huge increase in demand at retail outlets. Due to the difference of Rs 25 per liter in retail and industrial price, wholesale consumers are also buying from retail petrol pumps.
