Petrol May get Costlier by ₹3 as Oil Rates Climb

By IB Times Staff Reporter,

Shutterstock photo

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 Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: OMC

More from International Business Times


International Business Times

International Business Times

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by