Wednesday, 14 December 2011

Petrol Prices may go up by 65 paise from Friday, 16th December 2011

State Owned Oil companies are waiting for the political approval for yet another hike in the petrol prices. The petrol prices may go up by 65 paise, with effect from Friday, 16th December 2011. The decision will be taken in the meeting with petroleum  minister in tomorrow's meeting

The State owned oil companies blame the depreciating rupee for the sudden rise in petrol prices.

"The under-recovery on petrol is Rs 0.55-0.56 per litre. After adding local sales tax, the desired increase in Delhi comes to Rs 0.65-0.66 a litre," he said, adding that the oil companies will review prices tomorrow and any change will be effective from December 16.

The companies reduced petrol prices by Rs 2.22 per litre, or 3.2 per cent, from November 16 and followed this with a Rs 0.78 per litre cut from December 1.

The price of gasoline has averaged USD 111.11 per barrel in Singapore this month, up from USD 108.25 a barrel in the previous fortnight.


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