Petrol price goes up Rs5 per litre from midnight
14 May 2011
State-run oil marketing companies have announced a Rs5 per litre increase in the retail prices of petrol with effect from midnight tonight.
The three state-run oil marketing companies, Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, will raise retail prices of petrol between Rs4.99 and Rs5.01 a litre with effect from midnight tonight.
The hike will take petrol prices in the capital above Rs63 a litre from the current Rs58.37 a litre.
The steepest hike so far comes a day after election results of five state assemblies were announced.
Faced with rising crude prices in the international markets, PSU oil marketing companies in the country have been under pressure to hike product prices.
Oil marketing companies have been holding back a price hike since January this year despite prices of crude oil ruling above the $100-a-barrel level.
