Petrol May get Costlier by ₹3 as Oil Rates Climb

By International Business Times,  August 24, 2012, 03:11:30 AM EDT

India may soon brace another petrol price hike, with state-owned oil companies putting pressure on the government for an increase in prices given their mounting losses in the wake of a steep rise in international crude oil rates.

According to reports, oil-marketing firms ( OMC ) across the country are pushing for a hike of ₹3 per litre to compensate their on-going losses. The commodity was deregulated in June 2010, while kerosene, diesel and cooking gas remained subsidized in a bid to check inflationary pressures. With the petrol rates last revised in July to 70 paise increase, other subsidized commodities also moved in tandem with the cost.

Read More on International Business Times




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: OMC



Latest News Video

Europe Week Ahead: U.S. Data Under More Scrutiny
Europe Week Ahead: U.S. Data Under ...
Stockholm Cars and Schools Targeted
Stockholm Cars and Schools Targeted
Stars - and Brands - Shine at Cannes
Stars - and Brands - Shine at Canne...
Plane 'Fire' Closed Heathrow Runway
Plane 'Fire' Closed Heathrow Runway


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.16 0.05  0.38%
INTC $ 23.645 0.41  1.68%
HPQ $ 24.45 0.41  1.65%
FB $ 24.679 0.38  1.52%
P $ 17.9699 0.81  4.72%
MSFT $ 34.0901 0.06  0.18%
PFE $ 28.855 0.26  0.88%
PG $ 81.735 3.04  3.86%