Internationally crude oil prices, prices of crude related products have soared to decades high. But the public sector oil companies, which control 90 per cent of the market, have been keeping petrol and diesel prices unchanged for some time. As a result, companies like Geo-BP, Rosenet-based Nayara Energy and Shell are facing severe losses. They are either reducing sales or raising prices to escape the clutches of these losses. As a result, these companies are losing their customers.
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Due to inadequate supply of fuel by private retailers, stocks in some parts of the country are overflowing. This has led to an increase in prices in some areas. However, the government has issued key directives to private companies. Bringing these private companies under the Universal Service Obligation as well. Indicates that problems are not created in the supply.
Although crude oil prices are rising internationally, petrol and diesel prices have not changed from November 2021 to March 21, 2022. Since then, companies have changed prices 14 times since March 22, 2022. In total, petrol and diesel prices have been hiked by Rs 10 each. Companies that have kept prices stable since April 8th again. Then, on May 21, prices plummeted as the government reduced its exchange duty. Again prices have not changed since then.
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