March 31st, 2012
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3 rupee hike in petrol anticipated

petrol-price-hikeNew Delhi: A three rupee increase in petrol prices is anticipated from April 1, 2011. State-owned oil firms are pushing for at least Rs 3 per litre hike in petrol price to cover part of the spike in cost of raw material. CPI(M) and politburo leader Sitaram Yechury on Friday, Mar 30 said the petrol prices in all major cities in the country likely to be hiked by this weekend when the Budget session in the Parliament will come to a brief break.”They are waiting for the break in the Parliament session to hike the prices. By Saturday, you will see the petrol prices will shoot up. So fill the tanks of your cars and scooters. You will make some little savings,” he said.

State-owned oil firms are pushing for at least Rs 3 per litre hike in petrol price from April 1 to cover part of the spike in cost of raw material.”We are losing Rs 6.43 per litre on petrol and after adding 20 per cent sales tax, the desired increase in rates in Delhi is Rs 7.72 per litre,” a senior oil company official said.”We understand that it will be difficult to raise rates by Rs 7.72 per litre in one go but a Rs 3 or even Rs 4 a litre increase is feasible,” he said.

As per practice, oil companies are due to review fuel prices tomorrow. Indian Oil Corp (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) use fortnightly average of benchmark oil price and exchange rate to fix the price to be paid to refineries on 1st and 16th of every month. Oil firms had last revised dates on December 1 when rates were cut by Rs 0.78 per litre. Petrol at IOC pumps in Delhi is currently priced at Rs 65.64 per litre and the rates vary by a couple of paise at the pumps of BPCL and HPCL.

Goa state government had recently announced a reduction in the price of petrol by Rs 11 per litre. The current petrol price is Rs 66 per litre and the proposed reduction will make it the cheapest in Goa, once the state budget is passed. Chief Minister of Goa Manohar Parrikar blamed the central government for current high petrol price in India and also claimed that he soon will expose the UPA government. According to Parrikar, “It (central government) is charging additional Rs 16-17 a litre of petrol in the name of excise and custom duty.”



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