The Oil companies in India will hike petrol prices by Rs 2.96 Per litre. Bharat Petroleum Corp also (BPCL) hiked petrol prices by Rs 2.96 a litre.The fuel price hike will come into effect from Tuesday night. Hindustan Petroleum (HPCL) and BPCL are losing Rs 4.17 per litre on selling petrol. A hike in diesel rates to be considered by an Empowered Group of Ministers headed by Pranab Mukherjee on December 22. But the Indian Oil Corporation and Hindustan Petroleum Corporation Limited will increase prices of petrol by the same amount on Wednesday. Now the petrol will cost Rs 55.87 a litre in Delhi.
The oil ministry of India has given permission to hike petrol prices from yesterday,after international crude oil prices touched USD 90 per barrel.The oil firms are losing Rs 5.40 per litre on selling diesel below import cost.
Sources said that the largest fuel retailer in the country, Hindustan Petroleum Corp (HPCL) will do the same by an equal measure from today and The State-run oil companies are taking turns to increase prices so that they are not accused of acting as a cartel in revising price of a commodity which had been freed from government control.
The oil retailers lose Rs 272.19 on the sale of every 14.2-kg LPG cylinder and Rs 17.72 per litre of kerosene.