Crude oil has reached $130 per barrel in the international market. Now speculations are being made about the increase in the price of fuel.
HIGHLIGHTS
- The price of crude oil in the international market is close to US $ 130 per barrel.
- Petrol and diesel prices likely to increase after elections in five states
- Increase in fuel price will increase burden on common man, inflation will increase
New Delhi. Due to the Russia-Ukraine crisis, crude oil has reached $130 per barrel in the international market. On the other hand, elections are over in five states. In such a situation, speculations are now being made about the increase in the price of fuel. This question must also be arising in your mind that by how much rupees per liter the price of petrol and diesel will increase in the country. In such a situation, if the petroleum companies fix the prices on today’s price of crude oil, then you will get petrol Rs 151 and diesel Rs 110 per liter. Come, let us tell you how the price of petrol and diesel is decided on the basis of the price of crude oil.
Calculation of the price of one liter of petrol and diesel at today ‘s price
| Crude oil (Brent Crude) price on March 8 | $130 per barrel |
| Currency Exchange Rate | 76.96 Rupee/US Dollar |
| one barrel crude oil price in indian currency | Rs 10,005 |
| How many liters in a barrel of crude oil | 159 liters |
| crude oil price per liter | 10,005/159 = Rs 62.92 per liter |
| Freight + Refinery Processing + Refinery Margin + OMC Margin + Logistics Expenses | Rs 10.22 per liter |
| Fuel price after processing (ready for petrol pump) | 73.14 per liter |
| Central government excise duty on one liter | Rs 21.80 |
| petrol pump dealer’s commission | Rs 2.60 |
| The cost of one liter of diesel at this point | Rs 97.54 |
| Price after levying VAT on diesel Rs 12.65 per liter | Rs 110.19 per liter |
| final price of petrol | Rs 151.78 per liter |
Important role of Rs.
Rupee plays an important role in the price of petrol and diesel. If the rupee weakens against the dollar, the government has to spend more money. This increases the cost of importing crude oil. In such a situation, the government recovers its cost by increasing the rate of petrol and diesel.