Petrol prices witnessed the steepest hike

Posted By: Religare
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{image-16-oil-barrel2(red).jpg}Just a day after the assembly poll results concluded on May 13, the state owned oil companies went for the highest petrol price hike ever by Rs 5 per litre.

The hike was expected since January due to the steep increase in the crude oil prices in the international market.

An industrial official stated that in order to make domestic rates at par with international prices, a hike of Rs 9.50-10 per litre is required. However, the oil companies went for hike equivalent to half of the same for the time being, signaling there are chances of another uptick in the petrol prices in near future.

Earlier this week, the meeting of the Empowered Group of Ministers on diesel price hike has been defferd till next week.

Read more about: crude, oil and gas, inflation
Story first published: Monday, May 16, 2011, 9:30 [IST]
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