representative image.
Union Finance Minister Nirmala Sitharaman on Tuesday expressed concern over rising crude oil prices due to the Ukraine crisis and indicated that the central government is looking at tapping alternative sources. In an interaction session organized by the Karnataka unit of the BJP, he was asked about the rising crude oil prices and the impact of the war in Ukraine on the Indian economy.
“Definitely it will have an impact on the Indian economy,” the minister said. “How prepared we’re going to be to take this as a challenge and mitigate the impact is something we’ll look at (with) ahead.”
Meanwhile, as the price of crude oil touched $130 a barrel, Here’s the math on how petrol, diesel prices in India might be affected.
|
Final fuel price from crude oil |
March 8, 2022 |
|
international price of brent crude oil |
$130 per barrel |
|
Currency Exchange Rate |
Rs 76.96/USD |
|
crude oil in indian currency |
Rs 10005 |
|
1 barrel crude oil |
159 liters |
|
Crude oil – price per liter |
Rs 62.92 per liter |
|
Basic OMC Cost Calculation |
|
|
|
Crude oil based on $130 per barrel |
Rs 62.92 per liter |
|
|
Freight + Refinery Processing + Refinery Margin + OMC Margin + Logistics |
Rs 10.22 per liter |
|
|
fuel price after processing (ready to send to petrol pump) |
73.14 per liter |
|
|
|
|
|
|
Central Government Tax and Dealers Commission |
|
|
|
Additional: Excise Duty + Road Cess charged by the Central Government (after deducting excise duty in November) |
|
Rs 21.8/litre on diesel |
|
commission to petrol pump dealers |
Rs 2.6 per liter |
|
Diesel will cost Rs 97.54 +VAT Rs. 12.65/Litre on Diesel
The total price of diesel will be Rs 110.19 per liter Petrol price today will be 151.78 per liter |
||
Meanwhile, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said oil companies will fix the fuel prices and assured that there will be no shortage of crude oil in the country.
“I assure you all that there will be no shortage of crude oil. We will ensure that our energy requirements are met, even though 85 per cent of our requirements are dependent on crude oil imports and 50-55 per cent on gas ” Puri said in a press conference.
read also , Russia-Ukraine war: 694 Indian students rescued from Sumi through ‘Green Corridor’ Watch
read also , International flight services will resume after two years from March 27