Sept 21, 2010: Public sector company Indian Oil Corporation (IOC) will raise prices of petrol by 27 paise a litre, effective today. Other public sector fuel retailers— Hindustan Petroleum and Bharat Petroleum— will follow the market leader by raising petrol price between 28 and 26 paise, reports said.
A litre of petrol in Delhi will now cost Rs 51.83 a litre, in Calcutta Rs 55.69, in Bombay Rs 56.25 and in Chennai Rs 56.31. The increase reportedly follows oil companies’revenue loss of 25 paise a litre for the first time in September, since pricing was freed.
After the announcement of deregulation in June, petrol prices went up by Rs 3.50 a litre and diesel by Rs 2 a litre. The government however asked its oil firms to hold the price line for petrol.
At a meeting in July, the companies had decided that they would review petrol prices on a monthly basis, unless there was a sharp fluctuation in the prices of crude oil and international petrol. However, no increase was made after the meeting
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