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Updated petrol price in Delhi after september hike  

IOC hikes oil price by 27 p/litre

State-owned IndianOil from Monday raised petrol price by Rs 0.27 a litre effective midnight tonight, while other public sector firms are likely to follow suit in the next couple of days.

As a result, petrol in Delhi would cost Rs 51.83 a litre from Rs 51.56 per litre previously, an IOC official said.

“The price hike has been necessitated because of rise in crude oil prices,” the official said. Crude oil rose in Asian trade today, rebounding from last week's losses. New York's main contract, light, sweet crude for October delivery, gained 21 cents to $73.87 a barrel. Hindustan Petroleum and Bharat Petroleum are likely to raise petrol prices between Rs 0.27-0.28 a litre Tuesday or even day after tomorrow.

“The public sector oil firms have previously been accused for fixing prices as a cartel. So now, they are setting rates independently on different days,” an industry official said.

This is the first time since the June decision of the government to free petrol price from its control, that the rates of petrol is being raised.

‘Free diesel price before share sale’

Oil Corp wants the government to free up diesel prices before its $2-billion-plus share sale to raise the maximum funds from the offer, the company's chairman said on Monday. The sale of a 10% stake by the government, along with the firm's plan to sell an additional 10% of fresh shares, should come in January or February, BM Bansal said.

Source The Financial Express, New Delhi, September 21, 2010

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