Petrol to be costlier by Rs. 5 from September 8, diesel hike...

Petrol to be costlier by Rs. 5 from September 8, diesel hike to be followed

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The prices of petrol will once again be increased by Rs.5 per litre with effect from September 8, 2012. The state owned oil companies have decided to increase the prices of petrol while the diesel, cooking gas and kerosene prices will also be increased next week.

The price hike for diesel, cooking gas and kerosene will follow after Congress President Sonia Gandhi returns after her medical checkup on September 10, 2012. A note about increasing the prices of diesel, kerosene and cooking gas was already circulated in the cabinet and a firm decision is expected to be taken next week.

While the prices of petrol will be increased immediately after the conclusion of the monsoon session of the Parliament, on September 7, 2012. A board member of a leading oil retailer said, “We are losing over Rs 5 per litre on petrol, so prices will go up by atleast Rs 5. The Indian basket of crude oil has increased by $11 a barrel, since the petrol prices were last revised on July 24, thus necessitating the hike”.

The cost of crude oil has increased to $112 per barrel which is 11 % higher than the $101 per barrel as on July 24, 2012 when the prices were increased by 70 paise per litre.

Photo Credits: Hindu Business Line