Representative images.
On Tuesday, Union Finance Minister Nirmala Sitharaman expressed concern over rising crude prices due to the Ukraine crisis and indicated that the central government was looking to use alternative sources. In an interactive session hosted by the BJP’s Karnataka unit, he was asked about rising crude prices in the Indian economy and the impact of the war in Ukraine.
“It will definitely have an impact on the Indian economy,” the minister said. “How we’re going to take this as a challenge and be prepared to reduce the impact is something we’ll see as we go along.”
Meanwhile, crude oil prices touched $ 130 a barrel. Here’s how the price of petrol and diesel in India will be affected.
Final fuel prices from crude oil | March 8, 2022 |
International price of Brent crude oil | 130 per barrel |
Currency exchange rate | 76.96 / USD |
Crude oil in Indian currency | 10005 |
1 barrel of crude oil | 159 liters |
Crude oil – cost per liter | 62.92 per liter |
Basic OMC cost calculation |
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Crude oil based on 130 per barrel | 62.92 per liter | |
Freight + Refinery Processing + Refinery Margin + OMC Margin + Logistics | 10.22 per liter | |
Fuel price after processing (Ready to send to the petrol pump) | 73.14 per liter | |
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Central Government Tax and Dealer Commission |
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Extra: Excise duty + road cess as charged by Central Government (after excise duty is deducted in November) |
| 21.8 / liter on diesel |
Commission of Petrol Pump Dealers | 2.6 per liter |
Diesel will cost Rs 97.54 + VAT Rs 12.65 / liter per liter of diesel The total cost of diesel will be Rs 110.19 per liter The price of petrol today will be 151.78 per liter | ||
Meanwhile, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said oil companies would fix fuel prices and assured that there would be no shortage of crude oil in the country.
“I assure you that there will be no shortage of crude oil. We will ensure that our energy needs are met, even though 85 per cent of our demand depends on crude oil imports and 50-55 per cent on gas,” Puri told a news conference.
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