Multiple petrol pumps across India were shut on Monday after the 25 percent hike in diesel prices. Following the climb up in international crude prices, the price of diesel sold to bulk users in India was hiked by about Rs 25 per litre.
Diesel will be sold to bulk users for Rs 122.05 per litre in Mumbai and at Rs 115 per litre in Delhi. Retail rates at petrol pumps, however, remains unchanged.
The worst-hit are private retailers like Nayara Energy, Jio-bp and Shell, who have so far refused to curtail any volume despite a surge in sales. Several pumps of Shell, Nayara and Jio-bp were shut claiming that customers are now opting for IOC, BPCL, HPCL and they can't compete with these companies.
Also Read
The wide difference of about Rs 25 per litre between the bulk user rate and petrol pump price has prompted bulk users to refuel at petrol pumps rather than book tankers directly from oil companies, they said. This has led to widening losses of oil companies, who were already bleeding from selling petrol and diesel at way below the cost.
Stock availability is not a problem for Mumbai and Maharashtra as of now.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
(Edited by : Priyanka Deshpande)
First Published: Mar 21, 2022 3:35 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
