&imwidth=800&imheight=600&format=webp&quality=medium "Another fuel price hike likely? BPCL flags energy disruption amid Iran conflicts")
Bharat Petroleum Corporation Limited (BPCL) director HR Raj Kumar Dubey warned that a further increase in petrol and diesel prices may become unavoidable if the ongoing energy disruptions continue globally. Highlighting the pressure on fuel retailers, Dubey indicated that policymakers currently have limited options to face the situation.
“Now, there are two or three options open. One is the price hike, or the hike should be visible at the petrol pumps, either there, or the petroleum companies take up the losses and make up more and more losses. And the third is the government funds through deficit financing,” news agency ANI quoted Raj Kumar Dubey as saying.
Atul Dubey said earlier expectations that crude oil price increases of 20 to 50 per cent would be short-lived are now changing, warning that the disruption may persist for a longer period. Referring to the ongoing conflict in West Asia, he said the situation appears likely to continue, citing damage to key energy infrastructure in the region.
“So with this current scenario, if this scenario continues, then I think another price hike should be there,” he added. His statements came shortly after state-run oil companies raised petrol and diesel prices for the third time this month.
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Petrol and diesel prices
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On Saturday, oil marketing companies increased petrol and diesel prices by nearly 90 paise per litre in an effort to reduce losses caused by crude oil prices staying above $100 per barrel. Following the latest hike, petrol in Delhi is priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre. Despite the recent increases, oil companies are still facing under-recoveries of about Rs 13 per litre on petrol and Rs 38 per litre on diesel.
Retail fuel prices have remained under pressure after global crude prices climbed more than 50 per cent since the start of the Iran conflict in February, affecting energy supplies through the Strait of Hormuz.
Dubey further said that the crisis is likely to accelerate India’s transition towards cleaner energy sources. “With more than 200 GW of solar power installed, the momentum will increase now because the kind of foreign exchange problems this energy import bill brings, I think it will definitely accelerate towards the green energy options,” he said.
