Oil major Bharat Petroleum Corporation Limited has announced a hike in petrol prices by Rs. 2.95 per litre, following a spike in international crude oil prices. The hike was effective from Tuesday midnight. This would be the sixth price hike after petrol price deregulation. The state-run refiners had on November 9 raised petrol price by Rs. 0.32 per litre to Rs. 52.91 a litre in Delhi.

Since June 26, when petrol price was deregulated, IOC, BPCL and HPCL have revised rates six times as crude oil has jumped from $ 73-74 per barrel at the time of deregulation to the current levels of $ 90 a barrel. If prices are not revised, IOC, BPCL and HPCL are likely to end the fiscal with close to Rs. 67,000 crore revenue loss on sale of diesel, domestic LPG and kerosene below cost. The oil retailers lose Rs. 272.19 on the sale of every 14.2-kg LPG cylinder and Rs. 17.72 per litre of kerosene.

Published Date : Wednesday, Dec 15, 12:26PM IST

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