Petrol gets dearer by Rs 3.14 per litre
After a hike in petrol prices in June, the Government is back again with a hike of Rs 3.14 -Rs 3.32 on a liter. Though no official announcement on the LPG price has been made, speculations are high on LPG front as well. To compensate for the probable hike in LPG price, a meeting involving a group of ministers headed by Finance Minister, Pranab Mukherjee will be held. The focus will be on restricting the subsidized LPG cylinder supply to 6 cylinders to a particular household. The LPG consumers are still in the process of getting adjusted to the recent hike in June, when the Government is likely to come up with the hike yet again.
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The Oil Manufacturing companies like IOC, BPCL and HPCL are until now losing Rs 2.61 per liter that translated to Rs 15 crores per day and unless the hike is Rs 3.14 per liter in Delhi, the parity between the domestic price and the international price will not take place. The OMCs pay a crude oil price of $110 on a barrel based on the international price, there-by incurring a loss of Rs 2,450 in this fiscal for offering the petrol at a lower price. While Mumbai will see a rise of Rs 3.29 taking it to Rs 71.28 /l, the petrol price in Chennai will be Rs 70.82/l with a Rs 3.32 hike. With the ever increasing petrol price in India, the future for the petrol driven cars does not seem to be promising. Looks like the car makers will have to make adjustments in their diesel car production to catch up with the increasing demand in diesel cars.
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