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Petrol Price Hike Likely Soon

Petrol Price Hike Likely Soon

posted on May 23, 2012 @ 11:52AM

Fuel is set to catch fire in the coming days. Get ready for a petrol price hike this week followed by an increase in diesel prices along with restrictions on the use of subsidised LPG by higher income groups early next month. With losses on petrol sales mounting to Rs. 8 a litre, oil companies want consumers to pay Rs. 4-5 a litre more. There is also talk of a litre of diesel getting expensive by a Rs. 3-4 and an LPG cylinder by Rs. 50.

 

 

Decisions on raising the two prices and restricting the use of subsidised LPG by those who can afford the market rate are expected when the empowered group of ministers (EGoM) on fuel prices meets later this month. The market price of a 14.2 kg LPG cylinder is around Rs. 880 but is available to domestic consumers at a subsidised rate of R400.

While the government will hold consultations to evolve a consensus on the hike, a government official said, "Caution will be exercised while raising diesel prices as it runs the risk of further stoking inflationary pressures."

The EGoM is expected to take up a proposal restricting subsidised LPG for those with an income of Rs. 50,000 a month or more. The possibility of passing a Rs. 3-4 a litre hike in diesel prices and R50 on an LPG cylinder would also be looked into.

Oil companies claim to be losing Rs. 13.64 on every litre of diesel and Rs. 480 on an LPG cylinder.

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Hurricane Sandy Photos: Millions of people are without power in the U.S. northeast as the powerful post tropical storm Sandy pummels the region with hurricane force winds, rain, and a dangerous storm surge that has caused flooding in many coastal areas including parts of New York City.