Petrol prices to touch sky?

Petrol price may be hiked today and petrol hike is with Rs. 2.14 per litre because of a weakening rupee and shares of oil companies fell in a market. Is Petrol prices to touch sky?.

Petrol Companies shares in market:

1. Bharat Petroleum shares fell 1.39%
2. Indian oil Corporation traded 1.78% lower
3.  Hindustan Petroleum shares fell 2%

State-owned companies Indian Oil, Hindustan Petroleum and Bharat Petroleum are major retailers of petrol are losing Rs 1.71 per litre on petrol due to a weakening rupee and have already inviting a loss of Rs 2,500 crore in the first half of the current financial.

According to sources, Oil firms had, at the last review on December 16, decided not to burden the consumers with about Re 1 per liter hike in petrol price needed at that time, as they felt Reserve Bank’s intervention may help arrest fall in rupee’s value.

Petrol prices have been removed from state control. Government continues to apply pressure in front of key elections. Any hike in petrol prices is seen as inflationary by voters.

Readers you can send your comments below about Petrol prices in India.

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