Profits of oil companies increased 5 times

Before the Lok Sabha elections, petrol and diesel may be Rs 10. The reason for this is the drop in crude oil prices. According to media reports, official sources close to the case said the cuts could be made in February.

In fact, crude oil prices have fallen by 12% in a year, but oil marketing companies have not reduced prices during this period. Oil marketing companies reduced the prices of petrol and diesel last April 2022. Currently, diesel is above Rs 100 and above Rs 90 per liter compared to Rs 100 in most parts of the country.

These companies are currently earning 10 rupees per liter. In the financial year 2023-24, Indian Oil (IEC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have increased almost 5 times.

State oil companies received 2 times
IOCL, BPCL and HPCL posted a profit of Rs 33,000 crore in FY 2022-23. At the same time, in this financial year (2023-24), this benefit is estimated to cross Rs 1 lakh crore. That is, it can see a 3 times increase. As of the second quarter of FY24, the three companies have increased by 1,917% (5 times) in FY2022-23.

Companies have scope to reduce petroleum prices from Rs.10
According to experts, oil marketing companies are currently earning around Rs 10 per liter on petrol and diesel. In this context, they have ample scope to lower their prices. Doing so will benefit the economy.