Oil PSUs raise petrol price by 31 paise

OIL & GAS
Oil PSUs raise petrol price by 31 paise
9 Nov , 2010, 0634 hrs IST , ET Bureau
NEW DELHI : State - run oil marketers have raised
petrol prices by approximately 31- 33 paise a
litre , the fourth time since the government
lifted control on pricing of the motor fuel on
June 25.
Hindustan Petroleum revised its pump price by
31 paise on Monday and flagship refiner -
marketer Indian Oil Corporation will do so from
midnight , while Bharat Petroleum will follow
suit on Tuesday .
The companies are staggering their revisions to
avoid allegations of cartelization by state - run
firms, which control almost 90% of the market .
“We are increasing petrol price because of
sharp rise in price of crude oil, ” IOC chairman
B M Bansal said on Monday. In the previous
three increases on September 8 , September 21
and October 17, IOC had raised petrol price by
an aggregate of Rs 1 . 16 a litre.
The increase is less than a third of the Rs 1 .10
the state run marketers are losing on each litre
of petrol .
International crude has climbed to $ 87 per
barrel . Though officially the companies are free
to revise petrol prices in tune with price of
international crude , the companies still are
“advised ” against any steep hike .