Union Finance Minister Nirmala Sitharaman on Tuesday expressed concern over rising crude prices due to the Ukraine crisis and indicated that the central government is looking to tap alternative sources. At an interactive session organised by BJP's Karnataka unit, she was asked about the impact of rising crude prices and war in Ukraine on the Indian economy.
"It will certainly have an impact on Indian economy", the Minister said. "How much we are going to be prepared to take it as a challenge and mitigate the impact is something which we will have see as we go (along)".
Meanwhile, as crude oil price touch $130 per barrel, here's the math how petrol, diesel prices may be affected in India.
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Crude Oil to Final Fuel Price
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8th march,2022
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International Price of Brent Crude Oil
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130 $ per Barrel
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Currency Exchange Rate
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Rs 76.96 / USD
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Crude Oil in Indian Currency
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Rs 10005
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1 Barrel of Crude Oil
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159 Litre
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Crude Oil - Cost per Litre
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Rs 62.92 per Litre
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Basic OMC Cost Calculation
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Crude Oil based on 130$ per barrel
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Rs 62.92 per Litre
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Freight + Refinery Processing + Refinery Margins + OMC Margin + Logistics
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Rs 10.22 per Litre
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Fuel Price after Processing (Ready to send to Petol Pump)
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Rs 73.14 per Litre
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Central Government Taxes & Dealer Commission
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Additional: Excise Duty + Road Cess as Charged by Central Government (after Excise Duty Cut in November)
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Rs 21.8 / Lit on Diesel
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Commission to Petrol Pump Dealers
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Rs 2.6 per Litre
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price of Diesel will be Rs 97.54
+VAT Rs 12.65 / Litre on Diesel
Diesel Total cost will be Rs 110.19 per litre
Petrol price today will be 151.78 per litre
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Meanwhile, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said oil companies will determine the fuel prices and assured that there will be no shortage of crude oil in the country.
"I assure you all that there will be no shortage of crude oil. We will make sure that our energy requirements are met, even though 85 per cent of our requirements are dependent on imports for crude oil and 50-55 per cent on gas," Puri said at a press conference.
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