Petrol prices could well be on the boil yet again. Indian Oil Corporation is mulling a petrol price hike according to the Financial Express. Rising crude oil prices have been the driving force behind the price hikes of the past. Only, recently, petrol prices went up by Rs 5 per litre. The management at IOC is considering a price hike but is not in a hurry to impose the hike as the consumers have already been burdened by th recent hike.

Still, with crude oil prices rising, IOC is making a loss of Rs 4.50 per litre even after increasing the price of petrol by Rs 5 per litre a fortnight ago. IOC has made a loss of Rs 1048 Crore as a result of selling fuel below cost. 'We are continuing to incur losses by selling petrol below cost prices. We are constantly monitoring the global crude oil price.

Published Date : Wednesday, 1/6/2011 2:41 PM IST