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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.

Crude Oil to Final Fuel Price

8th march,2022

International Price of Brent Crude Oil

130 $ per Barrel

Currency Exchange Rate

Rs 76.96 / USD

Crude Oil in Indian Currency

Rs 10005

1 Barrel of Crude Oil

159 Litre

Crude Oil  – Cost per Litre

Rs 62.92 per Litre

Basic OMC Cost Calculation



Crude Oil  based on 130$ per barrel


Rs 62.92 per Litre

Freight + Refinery Processing + Refinery Margins + OMC Margin + Logistics


Rs 10.22 per Litre

Fuel Price after Processing (Ready to send to Petol Pump)


Rs 73.14 per Litre




Central Government Taxes & Dealer Commission



Additional: Excise Duty + Road Cess as Charged by Central Government (after Excise Duty Cut in November)


Rs 21.8 / Lit on Diesel

Commission to Petrol Pump Dealers


Rs 2.6 per Litre

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


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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