Will there be another hike in petrol price?
Indian Oil Corporation today said petrol prices could be hiked soon after the assembly polls in five states were over. The polls are for electing governments in Bengal, Tamil Nadu, Assam, Kerala and Puducherry. Counting of votes in all the five states are on May 13.
“We would do it (increase rate) at the earliest possible … we live in an environment (comprising the people and the government). If we take certain action, the environment is going to turn against us,” IOC chairman R.S. Butola said.
In his first interaction with the media after taking over as the chairman of the nation’s largest fuel marketing firm, Butola said IOC and the other state firms — BPCL and HPCL — had consciously decided not to revise rates of petrol to keep “the environment happy”.
IOC is losing a tad less than Rs 7 per litre on petrol at present. It is losing Rs 18.11 per litre on diesel, Rs 28.33 a litre on kerosene and Rs 315.86 per 14.2-kg domestic LPG cylinder.
The basket of crude that India buys averages $120 per barrel at present. However, the retail petrol rates are related to global prices at $100 a barrel. Brent crude rose above $124 a barrel in the futures market today after violence in Syria and Yemen escalated.
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