Govt may Hike Petrol, Diesel Rates

New Delhi: The government is thinking over ways such as increasing petrol and diesel prices for coping with the surge in worldwide crude oil rates, which have resulted in oil companies losing Rs 170 crore a day.
According to the official sources that an increase of Rs 2 in petrol and a Re 1 in diesel prices is being mooted as Indian basket of crude oil passed over $69 a barrel mark.
Public sector oil companies are receding more than Rs 5.3 a litre on petrol and Rs 4.40 on diesel as Indian basket of crude oil has climbed 12 per cent since February 15, when petrol and diesel prices were down by Rs 2 and Re 1 a litre correspondingly.
Oil companies are also mislaying 14.67 a litre on kerosene and Rs 167 on per cylinder of domestic LPG.
The sources stated that total under-realization on petrol, diesel, LPG and kerosene for the full fiscal is expected at Rs 50,700 crore.