Press Esc to close
Friday 31 July 2015
News updated at 10:07 AM IST
Weather
Max: 21°C
Min : 33°C
In Bengaluru
Partially cloudy

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
A municipal worker fumigates submerged huts situated in the flooded banks of river Sabarmati in ...

A municipal worker fumigates submerged huts situated in the flooded banks of river Sabarmati in ...

A huge whale was found dead on the shores of the beach near Sister Fatima Church at Tannerbhavi ...

A huge whale was found dead on the shores of the beach near Sister Fatima Church at Tannerbhavi ...

School children and their teachers pay tribute to former President APJ Abdul Kalam in Moradabad ...

School children and their teachers pay tribute to former President APJ Abdul Kalam in Moradabad ...

The winning team of the UBA India Pro Basketball League 2015, Chennai Slam with the trophy after ...

The winning team of the UBA India Pro Basketball League 2015, Chennai Slam with the trophy after ...

An Indian boy dressed as Hindu god Shiva to attract alms from devotees chats with tourists as ...

An Indian boy dressed as Hindu god Shiva to attract alms from devotees chats with tourists as ...

People offer flower petals on the grave of former President A.P.J. Abdul Kalam during his funeral ..

People offer flower petals on the grave of former President A.P.J. Abdul Kalam during his funeral ..

1993 Mumbai blast convict Yakub Memon's brothers Suleiman and Usman sitting inside the car

1993 Mumbai blast convict Yakub Memon's brothers Suleiman and Usman sitting inside the car

People worship a bull during Bendur festival in Sangli on Wednesday...

People worship a bull during Bendur festival in Sangli on Wednesday...

Fire brigade and NDRF personnel rescue a person stuck in the three floor Matru-Chhaya...

Fire brigade and NDRF personnel rescue a person stuck in the three floor Matru-Chhaya...

Students of Patna Women's College wear tiger masks to create awareness to save tigers...

Students of Patna Women's College wear tiger masks to create awareness to save tigers...

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