Consumers who have been suffering from the increase in petrol and diesel since the beginning of this month are not expected to get relief for two weeks. Government oil marketing companies say that the process of increasing the prices of both petroleum products will continue until the purchase-sale gap of Rs 8 per litre is bridged. In this way, petrol can go beyond Rs 80 a litre in Delhi and other parts of the country by the end of June.
Sources associated with government oil companies said that petrol and diesel can be increased by Rs 4-5 per litre. Therefore, the process of increasing the price will continue for the next two weeks. However, currently 50-60 paise per litre is being increased daily, which will come down further to 30-40 paise per litre. Companies are set to reach a profit of Rs 1.19 per litre by July 1, 2020.
For this, prices will have to increase further by 7-8 per cent. Earlier, after making no change in oil prices for 83 days, companies have increased prices continuously for the last nine days. So far, petrol prices have increased by Rs 5 and diesel by Rs 5.23 per litre. After the increase on Monday, petrol in Delhi has reached Rs 76.26 and diesel Rs 74.62 a litre.
Oil companies officials say that crude oil has once again fallen below $ 40 per barrel in the global market and the prices of products have also fallen. If this trend continues till next month, then petrol-diesel prices may decrease again from July. However, OPEC, an organization of oil producing countries, has extended the period of production cuts till July to increase crude prices.