Petrol prices may go up by 65 paise from Friday
While a fall in the rupee has resulted in increase in the cost of oil imports, international rates of gasoline, against which domestic prices are benchmarked, have also increased.
NEW DELHI: Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move.
While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline -- against which domestic petrol prices are benchmarked -- have also increased, a top source at a state-run oil firm has said.
"The under-recovery on petrol is Rs 0.55-0.56 per litre. After adding local sales tax, the desired increase in Delhi comes to Rs 0.65-0.66 a litre," he said, adding that the oil companies will review prices tomorrow and any change will be effective from December 16.
http://timesofindia.indiatimes.com/business/india-business/Petrol-prices-may-go-up-by-65-paise-from-Friday/articleshow/11107254.cms
While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline -- against which domestic petrol prices are benchmarked -- have also increased, a top source at a state-run oil firm has said.
"The under-recovery on petrol is Rs 0.55-0.56 per litre. After adding local sales tax, the desired increase in Delhi comes to Rs 0.65-0.66 a litre," he said, adding that the oil companies will review prices tomorrow and any change will be effective from December 16.
http://timesofindia.indiatimes.com/business/india-business/Petrol-prices-may-go-up-by-65-paise-from-Friday/articleshow/11107254.cms
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