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Oil companies defer petrol price hike

State-owned oil companies have deferred a decision on the revision in petrol prices to end of this month.

business Updated: May 17, 2013 23:42 IST
HT Correspondent

State-owned oil companies have deferred a decision on the revision in petrol prices to end of this month.

“International oil and petroleum product prices have again started firming and even the rupee-dollar equation is fluctuating… but we will wait till the end of the month and see how the situation emerges,” a senior oil company official said.

Oil companies have implemented four consecutive reductions in petrol prices. The price of petrol was last reduced by Rs 3 per litre — the steepest cut in more than four years — on May 1. Prior to this, the rates were reduced by Rs 1 a litre on April 16, 85 paise a litre on April 1 and Rs 2 a litre on March 16.

Petrol currently costs Rs 63.09 a litre in the capital. While petrol prices are revised every fortnight, diesel prices are being adjusted by 50 paise a month by the oil companies.

Following the May 10 hike, diesel presently costs Rs 56.04 a litre (in Delhi).