Oil Refineries threaten to go on strike due to the capping dollar at Rs225

Govt set to reduce the rate of petrol by Rs 3 per litre, Rs 10 per litre increase in diesel price from August 1

Oil refineries have warned the government to go on strike due to capping dollar prices at Rs 225 in the revision of oil prices for the next fortnight effective from August 1, 2022.

Sources said that oil refineries held a meeting with officials of the petroleum division on Sunday to discuss issues relating to margins in the oil and refining sector.

During the meeting, petroleum division officials said that the government was going to take the dollar rate to Rs 225 in the calculation of new oil prices.

The oil refineries turned down this rate and warned to go on strike like petroleum dealers which had received raise in dealers’ margins following a threatening call of strike.

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They said that they were importing crude oil at dollar which comes to around Rs 250 due to the fast depreciation of the rupee.

Therefore, they said that it was fair to set the dollar rate at Rs 225.The government planned to reduce the price of petrol by Rs 3 per litre while increasing Rs 10 per litre additional petroleum levy. After this increase in the rate of petroleum levy at Rs 20 per litre. In the meantime, the government planned to hike the rate of diesel by 10 per litre with an increase of Rs 5 per litre in the rate of petroleum levy.

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