Petrol May get Costlier by ₹3 as Oil Rates Climb


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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.

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This article appears in: Investing , Commodities

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