Petrol will cost Rs3.14 more

Petrol prices to be up by Rs 3.14 from midnight

New Delhi: Oil companies will hike petrol prices by about Rs 3.14 per litre from Thursday midnight. This is the second big hike in four months. The decision was taken after a meeting of the heads of oil companies.

Petrol prices have been raised because of the weakening of the rupee against dollar.

Oil retailers claim they are losing Rs 15 crore per day due to the big gap in global and domestic prices.

Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) now lose Rs 2.61 per litre due to high international crude oil prices and with rupee touching two-year low against the US dollar, the losses have increased the cost of importing crude oil.

"After adding local taxes, the hike needed at retail level comes to over Rs 3 per litre," a top official at one of the three state-run fuel retailers said. Petrol price were last hiked by Rs 5 per litre on May 15.

Source IBN live