Oil major Bharat Petroleum Corporation Limited (BPCL) on Tuesday hiked petrol prices by about Rs. 2.95 per litre, following a spike in international crude oil prices.
The hike would be effective from Tuesday midnight. This would be the fourth hike after government’s decision to deregulate petrol prices.
Other two state-run refiners Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) will also hike petrol prices by Rs. 2.40 - 2.95 per litre from Thursday, sources told NDTV.
The oil ministry on Tuesday gave the three companies a go-ahead to raise petrol prices after international crude oil prices touched $90 per barrel.
The state-run refiners had on November 9 raised petrol price by Rs. 0.32 per litre to Rs. 52.91 a litre in Delhi.
IOC, BPCL and HPCL have revised rates only four times since June 26 when petrol price was deregulated, while crude oil has jumped from $73-74 per barrel at that time to $90 a barrel now.
A similar hike in diesel rates is likely to be considered by an Empowered Group of Ministers headed by Pranab Mukherjee on December 22.
After Tuesday’s increase, petrol prices have gone up by Rs. 4.44 a litre since deregulation.
The basket of crude oil India buys was at $89.34 per barrel on Monday. It has averaged $88.47 per barrel in December as against about $79 a barrel at the time of last hike in petrol price on November 9.
If prices are not revised, IOC, BPCL and HPCL are likely to end the fiscal with close to Rs. 67,000 crore revenue losses on sale of diesel, domestic LPG and kerosene below cost.
The oil retailers lose Rs. 272.19 on the sale of every 14.2-kg LPG cylinder and Rs. 17.72 per litre of kerosene.