The price of petrol wear a consistent attitude as there is a strong possibility that it will go up by Rs. 0.65 per litre this week. The state-owned oil companies are making efforts to get the green signal from the central government.
According to a source at a state-run oil firm, with the value of rupee depreciating to an all-time low of Rs. 53.75 against U.S. dollar, cost of oil imports and the rates of gasoline outside India have also escalated.
"The under-recovery on petrol is Rs. 0.55-0.56 per litre. After adding local sales tax, the desired increase in Delhi comes to Rs. 0.65-0.66 a litre," he added.
As a matter of fact, there were two occasions when state-owned oil companies went the other way and released some pressure off the consumers by axing out petrol rate in the past one month. The favourable move came close on the heels of declining international oil prices.
The companies cut the petrol prices by Rs. 2.22 per litre or 3.2 per cent, with effect from 16th November and continued the trend with another price slash of Rs. 0.78 per litre from 1st December.
Sources revealed that it was not confirmed whether the oil companies would bring the change from tomorrow. "The actual loss to us is only 50-55 paise. We can tolerate it for another fortnight if need be," sources say.
Thus, with another price hike on the cards, consumers especially, those who own private vehicles, seem to find themselves in the line of fire yet again.
According to a source at a state-run oil firm, with the value of rupee depreciating to an all-time low of Rs. 53.75 against U.S. dollar, cost of oil imports and the rates of gasoline outside India have also escalated.
"The under-recovery on petrol is Rs. 0.55-0.56 per litre. After adding local sales tax, the desired increase in Delhi comes to Rs. 0.65-0.66 a litre," he added.
As a matter of fact, there were two occasions when state-owned oil companies went the other way and released some pressure off the consumers by axing out petrol rate in the past one month. The favourable move came close on the heels of declining international oil prices.
The companies cut the petrol prices by Rs. 2.22 per litre or 3.2 per cent, with effect from 16th November and continued the trend with another price slash of Rs. 0.78 per litre from 1st December.
Sources revealed that it was not confirmed whether the oil companies would bring the change from tomorrow. "The actual loss to us is only 50-55 paise. We can tolerate it for another fortnight if need be," sources say.
Thus, with another price hike on the cards, consumers especially, those who own private vehicles, seem to find themselves in the line of fire yet again.
