Press Esc to close
Saturday 26 July 2014
News updated at 2:40 AM IST
Weather
Max: 28.5°C
Min : 19.8°C
In Bangalore
Sunny day

Petrol price may rise by Re 1 per litre after polls

New Delhi: May 6, 2014 DHNS
Reuters Image

Brace for a hike of as much as Re 1 per litre of petrol and an increase of 50 paise on diesel after the ongoing elections.

Public-sector oil companies, which had effected two consecutive cuts in petrol prices in the run-up to the polls, are suffering losses on its sale. They had moved the oil ministry for hike in prices, but were apparently stopped from doing so in the midst of the general elections.
In the last two fortnights, global crude prices have risen by close to $5 per barrel. Taking that into account, a Re 1 hike on a litre of petrol is imminent. The next revision in petrol prices is due on May 15, when the model code of conduct will be lifted.

Industry sources said there would be a hike, but it may come after the results.


They also could not confirm the quantum of the hike. Since 2010, PSU oil retailers have been given the freedom to revise prices on a fortnightly basis, taking into account the average international price movements and the rupee-dollar exchange rate.

Technically, the decision to hike prices lies with the companies, but the government generally does not permit them to exercise this freedom during elections.

On diesel too, the losses have zoomed to about Rs 6.80 per litre over the past fortnight. Companies had  put off any hike in diesel prices since elections began on April 7.

Go to Top

Photo Gallery
Actor Akshay Kumar at an event in Gurgaon...

Actor Akshay Kumar at an event in Gurgaon...

Owner of Jaipur Pink Panther Kabaddi Team Abhishek Bachchan during a promotional event...

Owner of Jaipur Pink Panther Kabaddi Team Abhishek Bachchan during a promotional event...

Sand sculpture with a message “Stop War” at Puri beach of Odisha...

Sand sculpture with a message “Stop War” at Puri beach of Odisha...

A villager on his way to collect drinking water wades through flood waters carrying a vessel...

A villager on his way to collect drinking water wades through flood waters carrying a vessel...

Muslims burn a flag of Israel as they protest against Israel's attack on Gaza, after friday...

Muslims burn a flag of Israel as they protest against Israel's attack on Gaza, after friday...

Army jawans lighting lamps at 'Kargil war Wall Memorial' to pay tribute during the celebrations...

Army jawans lighting lamps at 'Kargil war Wall Memorial' to pay tribute during the celebrations...

Ancient passage stairs found during the underground Jaipur Metro train work at Choti Chopad...

Ancient passage stairs found during the underground Jaipur Metro train work at Choti Chopad...

Gold Medalist India's Abhinav Bindra, Silver Medalist Abdullah Baki of Bangladesh...

Gold Medalist India's Abhinav Bindra, Silver Medalist Abdullah Baki of Bangladesh...

A Malaysia Airlines crew member places a flower next to candles forming the letters MH17...

A Malaysia Airlines crew member places a flower next to candles forming the letters MH17...

Boats head out to the mouth of St. Johns River at dawn during the start of the Greater...

Boats head out to the mouth of St. Johns River at dawn during the start of the Greater...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523