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Petrol prices to rise by Rs 2.54 per litre

New Delhi: State-owned oil companies on Saturday raised petrol prices by Rs 2.50-Rs 2.54 per litre, the second hike in a month, on back of rising crude oil prices.

Indian Oil Corp, the nation’s largest fuel retailer, will raise petrol prices by Rs 2.50 per litre with effect from midnight on Saturday, while Hindustan Petroleum Corp Ltd (HPCL) would hike rates by Rs 2.54 a litre, an industry official said.

Bharat Petroleum Corp, the third state fuel retailer, would raise price by Rs 2.53 per litre with effect from midnight on Saturday.

The three firms from on December 15-16 raised petrol prices by Rs 2.94-2.96 per litre, the biggest hike in six months.

Petrol at IOC outlets in Delhi now costs 55.87 per litre and from Sunday it will be priced at Rs 58.37 a litre.

The fuel at HPCL and BPCL pumps would be sold at Rs 58.39 per litre from Sunday.

Petrol at HPCL pumps at present costs Rs 55.85 per litre while it is priced at Rs 55.86 a litre at BPCL fuel bunks.

The official said the increase follows international crude oil prices climbing to $92 per barrel.

The state-run retailers are deliberately adopting marginally different rates to avoid being accused of acting as a cartel in the free market.

The government had freed petrol prices in June this year, but the state firms, which control 98 per cent of the retail market, continue to informally consult the oil ministry before revising prices.

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