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Petrol & Diesel Prices Bound To Go Up After State Polls

The oil companies are planning to raise petrol and diesel prices by Rs. 2-4 per liter after the legislative elections of five states. All the state owned oil companies are losing Rs. 4 per liter on petrol. The petrol prices were revised on December 1, after which the prices were not changed due to the legislative elections.

Expect a rise in Petrol Prices after State Polls

Expect a rise in Petrol Prices after State Polls

After the last revision of price, the industry lost about Rs. 900 crore since the last revision made in gasoline price. The rate was in international market was USD 109 per barrel. Gasoline rates have since risen to over USD 125 per barrel.

Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum are losing over Rs. 410 crore per day on the sale of diesel, domestic LPG and kerosene. Petrol prices were freed from government control on June 2010. When petrol price was last revised on December 1, 2011, the oil companies increased Rs. 0.78 per liter.

In dollar terms, oil prices are still some $20 a barrel little of their 2008 record of $147. But the latest Reuters monthly survey will on Monday show oil analysts amended up their predictions for Brent crude by $3 since the previous month.

Sources: 1, 2, image

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