Shivani Jaiswal , New Delhi - Right now in India, fuel companies are losing money on every litre they sell. They are losing about Rs 20 on petrol and nearly Rs 100 on diesel. This is not because of any mistake, but because fuel prices have been kept stable by the government to protect people from rising costs.
The main reason behind this situation is the increase in global oil prices. Before the West Asia conflict, crude oil was around $72 per barrel. Now it has gone above $103. This sharp rise has made fuel much more expensive for countries like India, which imports most of its oil.
If fuel prices were based fully on the market today, petrol in Delhi could be around Rs 114 per litre, and diesel could go up to Rs 187. But people are still paying around Rs 94 for petrol and Rs 87 for diesel, as prices have not changed for a long time.
To support oil companies, the government has reduced some taxes on fuel. It has also added taxes on diesel exports so that more fuel stays within the country.
However, experts say this situation may not last forever. If global oil prices stay high and elections end soon, fuel prices in India could increase in the near future.
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