New Delhi, January 15:State-owned oil companies will raise
petrol prices with effect from midnight tonight roughly by
Rs 2.50 a litre, the second hike within a month, as a
consequence of rising global crude oil prices.
Indian Oil Corp, the country’s largest fuel retailer, will raise petrol prices by Rs 2.50 per litre, Hindustan Petroleum Corporation Ltd (HPCL) by Rs 2.54 a litre and Bharat Petroleum Corporation, the third largest fuel retailer, by Rs 2.53 per litre.
The three firms mid December raised petrol prices by Rs 2.94-2.96 per litre, the biggest hike in six months.
Petrol at IOC outlets in Delhi now costs 55.87 per litre and from tomorrow it will be priced at Rs 58.37 a litre.
The fuel at HPCL and BPCL pumps would henceforth be sold at Rs 58.39 per litre.
Petrol at HPCL pumps at present costs Rs 55.85 per litre, while it is priced at Rs 55.86 a litre at BPCL fuel bunks.
Official sources confirmed the hike by Oil Marketing Companies adding that price fixation has been left to the retailers to decide the quantum.
The government freed petrol prices in June this year.
It is a well known fact that these public sector companies, which control 98 per cent of the retail market, take the Petroleum Ministry into confidence before effecting a change.
Saddled with huge under-recoveries, the government decided to decontrol the prices of petrol.
—————UNI