The supply of crude oil coming through the Strait of Hormuz has almost stopped, due to which the price of crude oil has increased.
New Delhi: Elections of 5 states are over and crude oil prices are currently very high. In such a situation, the discussion about how long the government will be able to postpone the prices of petrol and diesel is in full swing. The supply of crude oil coming through the Strait of Hormuz has almost stopped, due to which the price of crude oil has increased from 70 dollars per barrel to 120 dollars. The IMF has said in its report that the price of crude oil will remain above 100 dollars per barrel for a long time because of which difficulties are going to increase for countries like India.
Loss Of 1000 Crore Rupees Every Day
1000 crores of rupees are being lost every single day due to the rise in crude oil prices. When the price of crude oil was $126 per barrel, petrol was losing Rs 24 per liter and diesel was losing Rs 30 per liter every single day. But then the government did not increase the prices of petrol and diesel. At that time, it seemed that the issue would be resolved soon and the situation will become normal. But it didn’t happen.
Govt Cut Excise Duty
To reduce the pressure of the international market on the oil companies, the government cut the excise duty due to which the government has to bear a loss of 170000 crore rupees. But even after this, till the end of April, the oil companies have suffered a loss of Rs 30,000 crore. At the same time, this deficit will cross Rs 50,000 crore by the end of the current quarter.
India currently has reserves of 5.33 million tones, which can meet the needs of the country for 15 days. Apart from this, India is working on a plan to create a 30-day strategic gas reserve like Japan and South Korea.
The current situation is very difficult. The Strait of Hormuz has been closed for a long time now, affecting oil transport.
