Rs 12 hike in petrol, diesel price needed to breakeven
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to breakeven.
International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened.
With international oil prices – on which domestic fuel retails are directly benchmarked – spiking in the last two months, state-owned fuel retailers “need a massive price hike of Rs 12.1 per litre on or before March 16, 2022,
