Petrol prices to be hiked by Rs 1.82 per litre!

Looks like there will be no good news for people who own a petrol vehicle for some time. Reports suggest that petrol prices might go up by Rs. 1.82 per litre again. The reason behind the hike is the mounting losses to the oil companies. In the month of September, private oil firms increased the petrol price by Rs. 5 per litre. Yet again, the petrol price in India will be hiked by Rs. 1.82 per litre, which is certainly not a good sign. According to the director of finance of Hindustan Petroleum corporation, Ltd, Mr. B. Mukherjee, the firm is losing around Rs.1 .50 on per litre of petrol.  Therefore to make it up for the loss, there will be Rs. 1.82 per litre hike in the petrol price in India. Crude oil price lands around $108 per barrel in the global market presently.

Another reason that is responsible for the increased petrol price is the fresh conflict in Libya. However, Libya’s production of petrol comprise to merely 2 % of the international produce. Even the value of rupee has tumbled down from Rs. 46.50 a dollar to more than Rs. 49 per dollar in just last 3 months. This thereby resulted in the amplified cost of the oil imports. Mr. Mukherjee also mentioned that the firm is in discussion with other companies too regarding the raised prices of petrol. Right now, there hasn’t been any kind of confirmation but the prices are likely to go up. Till now there hasn’t been any kind of date that has been finalized as to from when will be the new petrol prices will come into action. The decision will be taken once the matter with the central government has been discussed thoroughly. There are possibilities that the news about the exact hike in the petrol prices and the date from when it will be effective will be given out soon by the petroleum ministry.

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