Petrol prices raised marginally

Petrol prices raised marginally

The new petrol price will be become effective from midnight on Monday, IOC sources said. There would be no increase in diesel prices.

A litre of petrol in Delhi will now cost Rs 51.83 a litre, in Calcutta Rs 55.69, in Bombay Rs 56.25 and in Chennai Rs 56.31.

The increase follows oil companies’revenue loss of 25 paise a litre for the first time in September, since  pricing was freed.

BPCL and HPCL are likely to increase prices in a day or two and in line with IOC.
The petroleum ministry is understood to have asked IOC, BPCL and HPCL to levy a different increase on different days in order to avoid accusations that they have formed a cartel.
Private oil firms like Reliance and Essar have accused the OMCs of acting as a cartel.
The differential rates could help the state-owned firms avoid the scanner of the Competition Commission of India.
The Indian basket of crude has increased from $74.84 in June to $75.56 a barrel.

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