New Delhi: The price of crude oil in the global market has dropped by 30 per cent over the past seven weeks. In the same period, the value of rupee rose by 5 per cent. But the oil companies have shared a very small part of this bounty with the people. Petrol prices are down just 11.8 per cent and of diesel even less – 8.7 per cent.
The gross (profit) margin of the oil companies is up by 723 per cent on diesel and by 231 per cent on petrol. They are raking in the moolah.
Rupee stronger by 5%
On October 3, the price of crude in the international market was 86 US dollars per barrel. Now, it is 60 dollars – down 30 per cent. On October 9, it took Rs 74.39 to buy a dollar. The figure is Rs 70.79 now. Thus, the rupee has grown stronger by 5 per cent.
The prices of petrol and diesel were at the peak on October 4. In Panipat, for instance, petrol cost Rs 83.99 per litre and diesel, Rs 67.39. Now, the corresponding figures are Rs 72.45 and Rs 67.39 respectively. However, given the drop in crude prices, the petrol should be costing around Rs 63 and diesel, around Rs 54 per litre.