Petrol prices may go up by Rs 3 per litre

September 15, 2011 11:31

Bad news alert...

The Ministry of Petroleum and Natural Gas is likely to give the green signal to state-owned oil firms to raise the price of fuel by as much as Rs 3 per litre.

According to reports, the decision to raise the price of petrol is likely to be taken as the rupee versus US dollar equation has touched a two-year low and resulted in the cost of importing crude oil also rising.

State-run oil firms IOC, BPCL and HPCL have reportedly lost Rs.2,450 crore this fiscal on selling petrol -- whose rates were freed from government control in June last year -- below the cost.

Diesel is being sold at a subsidy of Rs 6.05 a litre, kerosene at Rs 23.25 per litre while domestic LPG rates are under-priced by Rs 267 per 14.2-kg cylinder.

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