Financial Daily from THE HINDU group of publications
Sunday, Sep 01, 2002
Industry & Economy - Petroleum
Petrol, diesel prices hiked
NEW DELHI, Aug. 31
OIL marketing companies today announced a 22-34 paise per litre hike in the retail selling price of petrol and diesel. The hike, coming in the wake of a recent spurt in global crude prices, will be effective from midnight.
While petrol prices have been hiked by 22 paise per litre, diesel prices would go up by 29-34 paise per litre.
Petrol would cost 29.20 a litre in Delhi as against the prevailing rate of Rs 29 per litre, while diesel prices will increase to Rs 18.34 per litre from Rs 18.05 per litre.
In Kolkata, petrol prices have been hiked by 20 paise to Rs 30.64 per litre, while in Mumbai petrol prices would go up from Rs 33.44 per litre to Rs 33.65 a litre.
Chennai would witness a hike of 22 paise in the selling price to Rs 31.66 a litre.
Similarly, diesel prices have been hiked by 29 paise per litre to Rs 19.72 per litre in Kolkata, 34 paise in Mumbai to Rs 23.29 a litre and by 32 paise in Chennai to Rs 20.18 per litre.
Prior to this round of hike, at the current crude price of around $26 a barrel, the retail price of petrol was short of the import parity price by 50 paise a litre. The shortfall was 70 paise per litre in the case of diesel.
Post-hike, oil companies will lose 20 paise per litre on petrol and around 30 paise on diesel, said officials.
A fortnight ago, the oil companies had reduced the prices of diesel and petrol by around 18-22 paise per litre in line with the then international prices.
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