India:State-owned oil marketing companies (OMCs) are all set to increase price of petrol by Rs 5 a litre with effect from Saturday, while the prices of diesel, cooking gas and kerosene will be increased next week.
A cabinet note on increasing the prices of sensitive petroleum products like diesel, cooking gas and kerosene has already been circulated this week and a firm decision will be taken next week in consultation with the Congress chairperson. The prices of petrol, being a deregulated commodity is likely to be hiked immediately after the monsoon session of the Parliament ends on Friday.
“We are losing over Rs 5 per litre on petrol, so prices will go up by atleast Rs 5. The Indian basket of crude oil has increased by $11 a barrel, since the petrol prices were last revised on July 24, thus necessitating the hike,” said a board member of a leading oil retailer.
Source: TOI
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