Petrol prices go up by Rs1.82 per litre
03 Nov 2011
Oil marketing companies have announced an increase of Rs1.82 per litre of petrol beginning midnight tonight, in a bid to offset the heavy losses on subsidised sale of diesel, LPG and kerosene.
With the current hike, petrol will cost Rs68.84 a litre in Delhi, Rs71.16 a litre in Chennai, Rs73.71 in Mumbai, Rs71.98 in Kolkata and Rs75.64 in Bangalore.
Hindustan Petroleum Corp (HPCL) had yesterday indicated that a hike in the order of Rs1.82 per litre was near. While Indian Oil Corp (IOC) today announced the hike, Bharat Petroleum Ltd (BP) is also expected to hike petrol prices simultaneously.
This is the fourth hike in petrol prices since January 2011, after the prices were increased by Rs3.5 per litre on January 16, by Rs5 per litre on May 15 and by Rs3.14 a litre on September 16.
OMCs are currently losing Rs1.50 per litre on the sale of petrol and after including local levies, the increase in retail prices would add up to Rs1.82 per litre.
The loss on the sale of petrol is attributed to increased cost of imported crude oil, the price of which is hovering around $108 per barrel in international markets. At the current exchange rate, the ruling petrol price of Rs66.84 per litre in Delhi corresponds to about $102 per barrel equivalent of crude oil price, OMC sources said.
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