Price hike to keep oil marketing companies firm

K. S. Badri Narayanan Updated - November 20, 2017 at 05:06 PM.

Oil marketing companies such as HPCL, Indian Oil Corporation and BPCL will be in the limelight at the stock market this week, as they have hiked petrol and diesel prices for the consumers. Petrol and diesel prices were increased by Rs 1.50 and 45 paise a litre (excluding taxes) respectively since last Friday. This is the second consecutive increase in diesel price within a month.

Defending the increase, public sector oil refiner-cum-retailer Indian Oil Corporation said this was because of the sharp uptrend in crude oil prices. "Since the last price change, international oil prices have constantly shown an uptrend. Crude oil price has increased from $109.08 to $113.24 a barrel, while international petrol prices have gone up from $119.59 to $128.57 a barrel,” said IOC. As a result, under-recovery has gone up to Rs 10.72/litre which will now, with this increase, fall to Rs 10.27/litre, said IOC.

Published on February 17, 2013 14:07