BPCL hikes petrol prices by Rs2.96 per litre

State-run oil marketing firms, including Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation, are raising petrol prices by Rs2.95 per litre this week on the back of a steep rise in crude oil prices.

BPCL is reported to have already effected the price hike beginning midnight tonight while the other oil companies are expected to follow suit soon.

BPCL hiked petrol prices by Rs2.96 per litre effective midnight tonight.

While the OMCs are expected to leave diesel prices untouched for now, they are expected to announce a moderate hike in its price by next week.

With crude prices ruling at $90 a barrel, state-run oil marketing companies are losing Rs4.17 per litre on selling petrol.

The basket price of crude that India buys stood at $89.34 a barrel yesterday.