Petrol will be cheaper by Rs 10 in February - inflation will be controlled!

Petrol Diesel Price: To provide relief to the general public of the country and to control inflation before the elections, the country's government oil companies can make petrol and diesel cheaper in the month of February. It is being considered to reduce the prices of both by Rs 10 per litre. In fact, the profit of oil companies is expected to reach Rs 75 thousand crore in the third quarter. Due to which it is expected in a media report that the government can put pressure on oil companies to reduce the price of petrol and diesel. According to media reports, this will provide great relief to the common people and will help a lot in controlling inflation before the 2024 elections.

Profit increased by 4,917 percent in the first half

Government OMCs have not made any change in the prices of petrol and diesel from April 2022. Whereas in the month of May the Central Government had reduced the tax, after that the prices of petrol and diesel came down. Officials suggest that this time OMGC's profit margin on petrol and diesel could be Rs 10 per liter which can potentially be passed on to the consumer. Sources indicated that all three OMCGs have made substantial net profits in the first half of the financial year 2023-24. If compared with the entire financial year 2022-23, there has been an increase of 4,917 percent in the profit of the first half of the current financial year.

Petrol diesel will become cheaper by Rs 10

The HT report quoted sources as saying that due to high marketing margins on fuel sales, the three OMCs made huge profits in the first and second quarter of the current financial year, which may continue in the third quarter. By the end of this month, the quarterly results of all three companies will be revealed. After that, companies can reduce the price of petrol and diesel by 5 to 10 rupees keeping in mind the international prices of crude oil. Quoting sources it has been said that this decision will be taken after consulting the beneficiaries of the companies.

These were the profit figures in the second quarter

Meanwhile, Hindustan Petroleum Corporation Limited (HPCL) had reported a profit of Rs 5,826.96 crore for the July-September quarter in November last year due to low crude oil prices and high gross refining margin (GRM). Bharat Petroleum Corporation (BPCL) had made a profit of Rs 8,244 crore in the September quarter. On the other hand, IOCL's net profit was Rs 12,967 crore. This means that the net profit of the three companies was Rs 27,038 crore.

This much profit was made in the first quarter

If we talk about the first quarter, all three OMCs had made more profit than the second quarter. IOCL had made a profit of Rs 13,750 crore in the first quarter. Whereas in the second June quarter, BPCL had made a profit of Rs 10,550.88 crore. Whereas HPCL had registered a profit of Rs 6,203.90 crore in the June quarter. If experts are to be believed, the combined profit of the three companies was Rs 30,504.78 crore in this quarter.

75 thousand crore rupees profit

Experts have said that this profit can increase up to Rs 75 thousand crore in the third quarter. The special thing is that in the first and second quarter, the combined profit of all three companies has been Rs 57,542.78 crore. Also, a trend has been seen that how much more profit was made in the first quarter, the profit of all the three companies decreased further in the second quarter. The biggest question is whether the combined profit of the three companies in the third quarter will be less than in the second quarter. Experts say that the profit may be less, but the combined profit of the three companies for three quarters will cross Rs 75 thousand crore.

I was incurring losses earlier

While giving information in Parliament in December 2022, Petroleum Minister Hardeep Singh Puri had said that government oil companies have suffered a loss of Rs 27,276 crore during the first six months of financial year 2023. Whereas in the first half of FY 22, the profit before tax (PBT) of the three companies was Rs 28,360 crore. Puri had told Parliament at that time that after crude oil prices reached record high, there has been no increase in the prices of petrol and diesel from April 6, 2022 by OMCs. Due to which oil companies have had to suffer losses.

While giving information to the Lok Sabha, Puri had said that between November 2020 and November 2022, the average price of the Indian basket of crude oil increased by 102 percent ($ 43.34 to $ 87.55 per barrel), the retail price of petrol and diesel in India. During this period, an increase of 18.95 percent and 26.5 percent was seen. Giving further information, he said that to provide relief to the common people, the Center reduced the Central Excise Duty twice on November 21, 2021 and May 22, 2022, due to which the price of petrol and diesel came down by Rs 13 and Rs 16 per liter. There has been a decrease.

Profit again

Oil companies became profitable from December 2022. According to the data, in the second quarter of the financial year 2023, oil companies had a loss of Rs 1.2 per liter on petrol and Rs 13.4 per liter on diesel. In the last month of the third quarter of the financial year 2023, i.e. till December 6, the companies were estimated to have an average profit of Rs 8 per liter on petrol and an average loss of Rs 10.5 per liter on diesel.

According to the report in December 2023, OMCs are now earning a profit of Rs 8-10 per liter on petrol and Rs 3-4 per liter on diesel. The special thing is that in 2022, there has been a loss of Rs 17 per liter on petrol and Rs 35 per liter on diesel.