FIPI Writes Letter To Petroleum Ministry

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FIPI Writes Letter To Petroleum Ministry
20 Jun 2022
6 min read

News Synopsis

FIPI has written a letter to the Ministry of Petroleum, seeking to create an Equitable Investment Environment to avoid losses. Despite the increase in crude oil prices in the international market, the companies doing retailing oil are facing losses due to the non-increase in the prices. 

These companies have written a letter to the Ministry of Petroleum in this regard. These companies have urged the government to create an equitable investment environment. According to the information received, companies like Geo-BP and Naira Energy say that due to this, the sale of diesel is incurring a loss of Rs 20 to 25 per liter on Sales of diesel and Rs 14 to 18 on petrol. 

In this letter, the companies have also warned. Companies have said that if their demands are not met, investment in the retail sector will be curtailed. The Federation of Indian Petroleum Industry (FIPI) wrote this letter to the Ministry of Petroleum on June 10. 

Actually, as crude oil prices fluctuate, its effect is also seen in the prices of petrol and diesel in the country. Once again the prices of crude oil and its products have reached their highest level globally.

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