Bharat Petroleum Corporation Limited (BPCL) has increased the price of petrol by Rs2.95 per litre, effective from Wednesday midnight, it is reliably learnt.
Bharat Petroleum Corporation Limited (BPCL) has increased the price of petrol by Rs2.95 per litre, effective from Wednesday midnight, it is reliably learnt.
The company is yet to make an announcement on the same. The other two state-run companies, Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation, are set to follow with a hike of Rs2.96 per litre across their outlets.
As a result, petrol prices in the city will cost Rs60.27 per litre. This is the steepest hike in petrol prices ever since the government deregulated the pricing mechanism. The increase in petrol prices has come just a day after the winter session of parliament ended.
This is the sixth hike in the prices of petrol ever since the government deregulated the product in the country. According to data available on the website of Indian Oil Corporation, the company had increased prices by 98 paise each during the last five hikes.
An increase of Rs2.96 now would take the price of petrol to Rs59.97 per litre in Mumbai.
Through 2010, oil marketing companies (OMC) have increased petrol prices by as much as Rs8.38 per litre.
The under recovery on the sale of petrol for oil marketing companies is over Rs4, as the crude oil prices are hovering in the range of $85-$89 per barrel.
The government is also considering a hike in diesel prices. A decision in this regard will be taken by an Empowered Group of Ministers (EGoM) headed by Pranab Mukherjee on December 22.
The under recovery on diesel for the OMCs is close to Rs5.
“The EGoM will take a view on this. We are trying to ensure that the price hike is minimal,” oil minister Murli Deora told reporters on Tuesday.
Deora said a sharp rise in crude oil prices had exacerbated the need to raise domestic diesel prices.
The government had de-controlled petroleum prices on June 25 this year. After this, the oil marketing companies increased the prices of petrol gradually following each other. While the government had said that the diesel prices would also be de-regulated very soon, the decision has not been taken yet due to political pressure.
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