The state-owned oil firms are pushing the government for price hike in
petrol by at least Rs 3 to Rs 5 per litre from April 1. The decision is
likely to be taken today.
According to the oil firms, they are bearing the loss of Rs 6.43 per litre on petrol. However, the government is in dilemma to approve a hike in petrol during the political turmoil.
Meanwhile, the Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) would meet for fortnightly price review to pay the refineries on the 1st and 16th of every month.
If the government does not approve the proposal, the oil firms would bear a huge loss as the international price of gasoline have increased from $109 a barrel to $133-134 per barrel.
Earlier, the petrol prices were cut by Rs 0.78 per litre on December 1 last year. The government had not approved the oil firms' proposal due to elections in five states including Uttar Pradesh.
According to the oil firms, they are bearing the loss of Rs 6.43 per litre on petrol. However, the government is in dilemma to approve a hike in petrol during the political turmoil.
Meanwhile, the Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) would meet for fortnightly price review to pay the refineries on the 1st and 16th of every month.
If the government does not approve the proposal, the oil firms would bear a huge loss as the international price of gasoline have increased from $109 a barrel to $133-134 per barrel.
Earlier, the petrol prices were cut by Rs 0.78 per litre on December 1 last year. The government had not approved the oil firms' proposal due to elections in five states including Uttar Pradesh.
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