THE GOVERNMENT is likely to increase petrol and diesel prices by Rs. 1.50 - 2 a litre early next week as a result of international crude oil touching a two-year high of $90 a barrel on Tuesday. According to the reports, the petrol price hike could be Rs 1.5 to Rs 2 a litre and the prices of diesel might be increased by Rs 2 a litre.
Petrol prices have risen four times since government allowed public sector firms Bharat Petroleum, Indian Oil Corporation and Hindustan Petroleum to fix petrol rates themselves in June this year. These oil major firms control about 90% of the retail fuel market in the country. However, government still fixed the diesel prices.
In New Delhi, petrol and diesel are currently available at Rs.52.91 a litre and Rs.37.75 a litre respectively.
Earlier, Petroleum Minister Murli Deora met Finance Minister Pranab Mukherjee on Wednesday to discuss the possibility of a meeting of the empowered group of ministers to decide on an increase in diesel prices after the current session of Parliament, which will end on December 13.
Petroleum Minister Murli Deora told a parliamentary panel on December 1, that oil companies' revenue losses in the current fiscal year to be around Rs.65,000 crore. The three firms are currently losing about Rs. 2.40 per litre on petrol. Oil firms Bharat Petroleum, Indian Oil Corporation and Hindustan Petroleum had last raised petrol price by Rs. 0.32 a litre on November 9.
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