Oil major Bharat Petroleum Corporation Limited has announced a hike in petrol prices by Rs. 2.95 per litre, following a spike in international crude oil prices.

The hike would be effective from Tuesday midnight. This would be the sixth price hike after petrol price deregulation.

Other two state-run refiners Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) will also hike petrol prices by Rs. 2.40 - 2.95 per litre from Thursday, sources told NDTV.

The state-run refiners had on November 9 raised petrol price by Rs. 0.32 per litre to Rs. 52.91 a litre in Delhi.

Since June 26, when petrol price was deregulated, IOC, BPCL and HPCL have revised rates six times as crude oil has jumped from $73-74 per barrel at the time of deregulation to the current levels of $90 a barrel.

IOC and other state retailers Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) are losing Rs. 4.17 per litre on selling petrol as raw material (crude oil) cost has climbed to $90 per barrel.

A similar hike in diesel rates is likely to be considered by an Empowered Group of Ministers headed by Pranab Mukherjee on December 22.

The basket of crude oil India buys was at $89.34 per barrel on Monday. It has averaged $88.47 per barrel in December as against about $79 a barrel at the time of last hike in petrol price on November 9.

On diesel, the three firms are losing about Rs. 5 a litre. A fuel price hike was planned after the winter session of Parliament ended on December 13. The last hike in petrol price on November 9 had happened just before the winter session of Parliament began.

If prices are not revised, IOC, BPCL and HPCL are likely to end the fiscal with close to Rs. 67,000 crore revenue loss on sale of diesel, domestic LPG and kerosene below cost. The oil retailers lose Rs. 272.19 on the sale of every 14.2-kg LPG cylinder and Rs. 17.72 per litre of kerosene.

(With Agency inputs)


source :Petrol prices hiked by Rs 3 per litre - NDTV Profit



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