After the rise in the prices of crude oil due to tension in the Middle East, the prices of petrol and diesel have started increasing in different countries of the world. Fuel prices have been increased especially by India’s neighboring countries. Where first Pakistan increased the prices of petrol and diesel drastically. Now there have been reports of increase in fuel prices from Sri Lanka also. On the contrary, there has been no increase in the prices of petrol and diesel in India.
On Monday, there was news quoting government sources that the burden of petrol and diesel prices on the common people will not be increased. Although petroleum companies have increased the prices of domestic gas cylinders, the kind of shortage that is being seen and the way neighboring countries are increasing the prices. A similar increase was not seen in the prices of gas cylinders in India. Let us also tell you how much Sri Lanka has increased the prices of petrol and diesel.
Petrol and diesel became costlier by so much rupees
Sri Lanka has increased retail fuel prices by more than eight percent from Monday midnight amid the rise in crude oil prices due to increasing tensions in West Asia. Officials gave this information on Tuesday. This increase in the retail prices of petrol and diesel has been made at a time when the prices of crude oil in the global market have crossed the level of $ 100 per barrel for the first time in four years.
State-owned company Ceylon Petroleum Corporation (CPC) said that under the revised rates, the price of widely used petrol and diesel has been increased by 22 Sri Lankan rupees per liter. The company said that this step has been taken with the aim of preventing fuel hoarding and panic buying.
Long queues at petrol pumps
A CPC official said that a huge increase in fuel consumption has been seen since the news of war situation in West Asia. Long queues are being seen outside petrol pumps in Sri Lanka due to increased tension in the region after the military conflict between America, Israel and Iran started on 28 February. CPC said that at present there is no shortage of petrol and diesel in Sri Lanka and the country has sufficient fuel reserves till the end of April.
There was an increase in Pakistan also
Earlier, Pakistan had increased the prices of petrol and diesel. About 3 days ago, the government of Pakistan had increased the prices of petrol and high-speed diesel by PKR 55 per liter, which was the highest increase till date. At a press conference just before midnight, Petroleum Minister Ali Pervez Malik, Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb announced the increase and reassured that the country has ample petroleum reserves.
As a result of this increase, the ex-depot price of High-Speed Diesel for the coming week has been fixed at PKR 335.86 per litre, which is approximately 20% higher than PKR 280.86 per litre. Similarly, the ex-depot price of petrol changed from PKR 266.17 per liter to PKR 321.17 per litre, showing an increase of about 17%.
There was no increase in India
On the other hand, despite the increase in crude oil prices, there has been no impact on the prices of petrol and diesel in India. However, on Monday, there was news from government sources that despite crude oil crossing $100 per barrel in the global market, the prices of petrol and diesel will not be increased at present. He also said that the government has intensified efforts for smooth supply of fuel across the country.
As the conflict in West Asia continued into its tenth day, global markets fell sharply and the price of Brent crude oil, the international standard, reached almost $120 per barrel, about 65 percent higher than when the war began. However, it declined later.
Officials said the government is monitoring global oil markets, but has no immediate plans to increase retail fuel prices. It is expected that petroleum marketing companies will bear the current cost pressure for now. Although the country has sufficient reserves of both crude oil and finished products (fuel) to meet the needs for the next six to eight weeks, the government has changed the policy of placing orders for filling of cooking gas LPG.
Liam changed on domestic gas cylinder
Sources said that to prevent hoarding, the minimum waiting period for booking for filling domestic LPG cylinders has been increased from 21 days to 25 days. Its purpose is to prevent hoarding of cylinders and ensure their equitable distribution. He said an average family uses seven to eight LPG cylinders of 14.2 kg in a year and generally they should not need to refill it in less than six weeks.
According to sources, the booking period for filling the cylinders has been extended to prevent hoarding and deliberate shortage in the market. He told that petroleum companies have sufficient reserves of LPG. According to sources, the government is monitoring the global energy situation and taking steps to maintain stable supply chains.