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Get ready to pay Rs 1.82 more for petrol
Petrol prices are likely to be raised by about Rs 1.82 a litre, the second hike in less than two months. The hike - expected within a fortnight - has been necessitated by rising crude prices and falling value of the rupee against the dollar, which have made imports costlier.
Petrol prices are likely to be raised by about Rs 1.82 a litre, the second hike in less than two months. The hike - expected within a fortnight - has been necessitated by rising crude prices and falling value of the rupee against the dollar, which have made imports costlier.
The move comes at a time of runaway inflation. But state-run oil companies pushed for the hike, citing rising "under-recoveries" or selling at a price lower than what the cost mandates.
"From today, there are some losses on petrol. To cover them, we may have to increase prices," B Mukherjee, director (finance), Hindustan Petroleum Corporation Limited, said.
The rupee has been badly hit by a sputtering global economy, plunging to a 30-month low and breaching the psychological barrier of 50 to a dollar recently.
Food inflation rose 11.43% in the week ended October 15, the sharpest in six months.
Petrol prices were last raised on September 16 by Rs 3.14 a litre.
Mukherjee didn't say when the hike would come.
"We are in consultations," he said.
"Let's say, we are toying with the idea. It may happen. We will see."
