The state-owned oil companies have once again hiked the petrol prices, in lines with the increase in international crude oil rates. The cost of black gold once again crossed USD 100 per barrel and the oil companies are losing Rs 1.41 per litre of petro. Hindustant petroleum, Bharat petroleum and Indian Oil confirmed that the increase has been restricted to 70 paise, as rates are very volatile and might come down in near future.
Earlier this month we had reported that petroleum prices might go up after presidential elections – the companies have used the opportunity, as it will once again become difficult due to political pressure after the start of monsoon session of the parliament. There is also a possibility of hike in diesel and kerosene prices, but no details are available on that front as yet.
The petro rates are officially deregularised, but the state-owned companies have to take unofficial nod from government for the hike. It also seems that the hike is controlled to gain political mileage, as the rates have never been increased before any critical election or parliament sessions.
Here are the expected revised per litre prices, which will be effective from midnight
New Delhi: Rs 68.48
Mumbai: Rs 74.23
Chennai: Rs 73.16
Kolkata: Rs 73.16
Hyderabad: Rs 75.80
Bangalore: Rs77.30
