Business

Steep climb in petrol, diesel needed for the OMCs profitability; know more

This was even opined by some of the brokerage firms

There is speculation now that the a Rs 4 per litre increase in petrol and diesel prices may be in the offing.

This is to ensure that the state-owned fuel retailers return to pre-Karnataka poll hiatus margin levels.

This was even opined by some of the brokerage firms.

No sooner had Karnataka polled to elect a new state government, state-owned Indian Oil Corp, Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd on Monday ended a 19-day hiatus in revising petrol and diesel prices.

The companies reverted to the practices of changing rates on a daily basis.

It is also said that since then petrol price has risen by 69 paisa a litre, making petrol prices in Delhi to Rs 75.32.

It is the highest in almost five years.

Similarly, the diesel prices have gone up by 86 paisa a litre climbing it to Rs 66.79 a litre in Delhi.

The increase is based on assumption that global price of diesel and petrol and Rupee-US Dollar exchange rate remain stable hereon.

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Steep climb in petrol, diesel needed for the OMCs profitability; know more
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