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Thursday, September 15, 2011

Petrol prices hiked by Rs 3.14 per liter on 16th Sept 2011

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State-owned oil firms have raised petrol prices by Rs 3.14 per litre because of an increase in the cost of importing crude oil thanks to a falling rupee.

The hikes will be effective from midnight (12 am, Friday 16th Sept 2011).

Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Together with local taxes, the hike needed to level domestic rates with international prices is about Rs 3 per liter

IOC, BPCL and HPCL claim that they have lost Rs 2,450 crore this fiscal on selling petrol - whose rates were freed from government control in June last year - below the cost.

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