Friday, 30 December 2011

Petrol prices may go up by Rs 2.25 from January 2 2012 midnight



State owned Oil Companies are ready to roar again, this time with a tag of Rs 2.25 per liter from Monday, 02nd January 2011 midnnight. The officials of these companies says the proposals are ready and they are yet again set to fire unless the government asks them to wait for the assembly elections.

Companies' executives say that compared to the landed price of imported petrol, domestic rates need to be raised by Rs 1.90 per litre, excluding local taxes. "If the entire loss is passed on to the consumer, with 20% state duties, the fuel will be costlier by 2.28 a litre in the Capital," one executive said. State levies vary from state to state.

The government allowed state oil firms to align petrol price with international rates on June last year, but companies always informally consulted it before taking any pricing decisions.

The three major oil companies raised domestic retail prices of petrol by Rs 1.80 a litre on Nov 4 in Delhi. They cut the price by Rs 2.22 per litre and Rs 0.78 a litre in the following two fortnights.

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