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Another fuel price hike soon
Published on 16 May. 2011 1:07 AM IST
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The State-owned oil companies increased petrol price by a steep Rs 5 per litre with effect from midnight on Saturday. Hike has been affected to make domestic rates at par with international crude prices which are now at a two and a half year high.
The steep hike in petrol price is likely to be followed by a Rs 4 per litre increase in diesel rates and Rs 20-25 per cylinder increase in domestic LPG price later this month.
This is the steepest climb in prices announced by state-owned oil companies. The last revision in petrol prices was in January this year. News agency PTI quoted an industry official saying that another hike is on the cards while this latest one has fuelled anger among the commuters.
Petrol in Delhi will cost Rs 63.37 per litre at Indian Oil Corporation (IOC) outlets in the national capital from Sunday as against Rs 58.37 a litre currently, an official said.
Even after Saturday’s hike, oil companies will continue to lose Rs 5.50 per litre and another increase in price is on cards soon, an official said.
The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.
The government had in June last year freed petrol price from its control but oil companies continued to follow ‘informal’ advice from the oil ministry on rate revision.

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