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Petrol price to rise again, this time by Rs1.82 a litre
Posted by Benny on 02 November, 2011
Petrol prices are likely to be increased by Rs1.82 a liter this fortnight as a fall in rupee has increased the cost of imports of the raw material (crude oil).
This will be the second hike in petrol prices in as many months.
Though the pricing of petrol was freed from government controls in June last year, state-owned oil firms 'informally' take directions from the Oil Ministry. It remains to be seen if the government will concede to the demand of oil companies just before the winter session of Parliament.
State-owned oil companies Indian Oil, Hindustan Petroleum and Bharat Petroleum last hiked petrol prices by Rs3.14 a litre on September 16 when the rupee was ruling at about 48 to a US dollar. The local currency has depreciated further and is now trading at over 49 against the American unit.
"From today, there are some losses on petrol. To cover them, we may have to increase prices," HPCL Director (Finance) B Mukherjee told reporters here.
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