Fuel price rise soon

Petrol and diesel prices are likely to go up as early as Friday, when petroleum companies are expected to review rates. While the price of petrol may be hiked by around Re 1 per litre, diesel may cost over 40 paise more.

“Petrol price in the international market is rising. The trend shows that we will have losses on petrol,” R S Butola, chairman of Indian Oil Corporation, said on Wednesday. The state-owned oil companies are losing Rs 1.32 per litre on petrol on current international prices, which have shown an upward trend in the past three weeks.

However, sources said the oil marketing companies may not shift the entire burden on consumers and opt for a moderate rise in petrol price. As far as diesel is concerned, the government has already given a go-ahead for a monthly price hike until the losses are wiped out.

Public sector oil marketing companies had hiked diesel price by about 50 paise per litre on January 18, while petrol price was slashed by 30 paise per litre.

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