Petrol, diesel prices may be hiked by up to Rs 6; Oil companies to review prices on December 15

Written by | December 14, 2016 | 0
New Delhi: Prices of petrol and diesel may rise up to Rs 6 per litre as global crude oil prices have gone up. Major oil producers such as Organization of the Petroleum Exporting Countries (OPEC) and Russia have agreed to cut supplies for the first time since 2001, which has hiked the crude oil prices by 15 per cent in global market.
The effect of rising crude oil prices will be seen in the country as prices of petrol and diesel are expected to go up by Rs 6. Oil marketing companies will review the prices of petrol and diesel tomorrow, December 15.
According to industry experts, the companies would raise petrol and diesel prices by up to Rs 6 per litre due to spike in international oil price. According to a report of Economic Times, the government would want to raise the prices of petrol and diesel in two instalments to make the increase more politically acceptable at a time when the cash crunch is hurting people post demonetisation decision of Prime Minister Narendra Modi.
Hindustan Petroleum Corp chairman Mukesh Surana confirmed that prices of petrol and diesel will go up, however he didn’t say by how much. “It would depend on what is our perception of the future prices, the price elasticity and any other sensibility… I can’t tell you the exact quantum of the increase,” Surana was quoted as saying.
Filed in: National

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