NEW DELHI: Government has hiked the petrol prices by Rs 4 per litre and diesel by Rs 2 per litre to cut losses of oil companies in view of rising global oil rates.

Petroleum Minister Murli Deora discussed the necessity of raising fuel prices with party leaders and he is also reported to have sounded Prime Minister Manmohan Singh on the issue, top sources said.

Public sector oil companies have seen losses on fuel sale widening to about Rs 170 crore per day on firming global oil prices
and may end the fiscal with over Rs 49,000 crore in revenue loss.

Indian Oil, Bharat Petroleum and Hindustan Petroleum have seen losses on sale of petrol, diesel, domestic LPG and kerosene inflating from Rs 130 crore to about Rs 170 crore per day, an industry official said.

The three firms calculate the desired retail selling price of the four government-controlled products on 1st and 16th of every month based on average international oil rates of the previous fortnight.

The firming international crude oil prices, which are at a seven-month high of about USD 73 per barrel, widened losses on petrol to Rs 6.94 per litre from Rs 6.08 per litre in the second half of June. On diesel, the losses have soared to Rs 4.11 a litre against Rs 2.96 previously.

source: Economictimes

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