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Oil companies hike petrol price by Rs 5/litre

Oil companies hike petrol price by Rs 5/litre
PTI
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First Published: Sun, May 15 2011. 11 35 PM IST
Updated: Sun, May 15 2011. 11 35 PM IST
New Delhi: In the steepest hike ever, state-owned oil companies on Saturday increased petrol price by about Rs5 per litre with effect from midnight.
The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.
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Indian Oil, Bharat Petroleum and Hindustan Petroleum will hike rates between Rs4.99 and Rs5.01 per litre in Delhi with effect from midnight.
Petrol in Delhi currently costs Rs58.37 per litre.
The government had freed petrol price from government control in June but the state-owned oil firms had not raised prices on an ‘informal’ dictate from the oil ministry.
“The hike needed to make domestic rates at par with international prices was Rs9.50-10 per litre but oil companies choose to hike rates by just half of that,” an industry official said. “Another hike in petrol price is on cards soon.”
Graphic by Sandeep Bhatnagar/Mint
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First Published: Sun, May 15 2011. 11 35 PM IST
More Topics: Petrol | Oil | Price hike | Crude | Indian Oil |