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Petrol, diesel prices likely to rise this weekend
Wednesday February 13, 2013 08:12:36 PM,
IANS
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New Delhi:
Petrol price could be hiked by Re.1 a litre and diesel rates by 50
paise a litre by this weekend, according to indications available
Wednesday from state oil marketing companies (OMCs).
"We will review the prices at the fortnightly review (due
Friday)," R.S. Butola, chairman of Indian Oil Corporation said
here.
"We won't say there is no possibility (of a price hike) but I
cannot say what we will decide in that review," he added.
With international oil rates firming up over the last month, OMCs
are losing Rs.1.32 a litre on petrol sales.
"Gasoline (petrol) prices in international market are rising. The
trend shows that we will have under-recoveries on petrol," said
Butola.
Since fuel prices were last revised on Jan 17, the Indian basket
of crude oil prices has increased by $5 per barrel to Rs.114.68.
Owing to the rupee's depreciation during the last fortnight, crude
oil price increased to Rs.6,188.13 per barrel on Feb 12, as
compared to Rs.5,926 during the prior fortnight.
Oil firms are currently losing Rs.9.22 per litre on sale of
diesel, Rs.31.6 per litre on sale of kerosene and Rs.481 per
cylinder of cooking gas (LPG).
OMCs' daily under-recovery is to the tune of Rs.400 crore on the
sale of subsidised petroleum products like diesel, kerosene and
domestic LPG.
The government last month partially deregulated diesel, allowing
OMCs to raise rates in small doses of 40-50 paise a litre every
month till losses are completely wiped out.
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