As Russia’s invasion of Ukraine is going on, on the other hand, international oil prices escalate past $100 a barrel. The rise in the prices of oil and gas is due to the disruptions of oil and Gas suppliers from Russia because of the ongoing war with Ukraine or western sanctions. And the rise in the prices of oil and gas is overall in the international market according to the PTI report. According to the report, we know that JP Morgan said that as the state elections are getting over next week we all can expect the daily fuel prices hikes to restart across both gasoline and diesel. “With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel,” PTI quoted JP Morgan as per the information in a report.
The rise in the price of oil
As soon as this news started hitting the headlines, the netizens also lamented the rise in the price of international oil prices. As Netizens were laminating over the rise in the price of oil internationally, some of them are busy sharing memes regarding the current scenario. The memes showing cars about to faint and people switching to other transportation modes all the various memes were taking over the internet and especially Twitter. All these means came up online and also it took not much time to become a trend soon.
According to the report, it is known that the increase in petrol and diesel prices by rupees 9 per liter is after the assembly elections in five states in India. This has left netizens worried about the increase in price and thus memes started flooding on Twitter. As mentioned earlier soon these memes resulted in a trend along with hashtag #fuelprice.
The PTI report said that the petroleum planning and analysis cell (PPAC) of oil ministry gave some information regarding the increase in price. They said that the basket of crude oil India buys soared to about $102 per barrel on March 1. On the other hand, the price was $81.5 per barrel in early November last year, during the freezing of petrol and diesel prices at that time.
What do the reports say?
And as per some of the latest reports on the internet, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are currently suffering. They had a loss of Rs 5.7 per liter on petrol and diesel. So, they have to curb the losses now. As a result, the prices need to increase by Rs 9 per liter, the report said further.
Russian gas supply to India is only a small percentage. Last year, India’s oil import from Russia only accounted for 1 percent of its imports. Coal import also constituted 1.3 percent of the country’s total imports.
The rise in international oil prices is a matter of concern for India. Domestic fuel prices have not been revised for a record 118 days in a row. It is since the commencement of election campaigns in five states, according to the reports of PTI.
Petrol price in Delhi stands at Rs 95.41 per liter. And Diesel costs Rs 86.67 per liter. The final and seventh phase of voting in Uttar Pradesh is on March 7. Results will be declared on March 10.