M A I N   N E W S

Steep hike in prices of petrol, diesel

New Delhi, August 31
In one of the steepest hike in one go, national oil companies today increased petrol and diesel prices by up to Rs 2.28 and Rs 1.49 per litre, respectively, saying that it was in line with the global market.

In Delhi the hike was the least at Rs 2.10 a litre to Rs 32.40 a litre and in diesel by Rs 1.25 to Rs 20.33 a litre.

As per the new prices, hiked for the first time since March, petrol would cost Rs 37.42 in Mumbai, Rs 35.39 in Chennai and Rs 35.26 in Kolkata.

For diesel, consumers would have to pay Rs 25.75 in Mumbai, Rs 22.67 in Chennai and Rs 22.53 in Kolkata.

The oil companies - IOC, HPCL, BPCL have justified the hike on the ground of increase in international crude prices amidst reports that the US inventory of oil had come down significantly.

According to the US Department of Energy, gasoline stockpiles have fallen 7.5 per cent below last year’s as the end of summer leads more people to drive.

Market analysts feel instability in Iraq and Nigeria and the possibility of strikes in Venezuela will keep oil prices high. — PTI