Oil cos may not raise fuel prices today
"We are losing about Rs 7.65 per litre on petrol and after adding 20 per cent sales tax, the desired increase in rates in Delhi is Rs 9.18 per litre," a top oil company official said.
Oil PSUs have asked government to make good the losses they incur on selling petrol if retail selling price of the fuel are not to be increased. Also, they have demanded a cut in the Rs 14.35 a litre excise duty on petrol.
"We had clearly told the government that if these demands are not accepted, then oil companies will have no option but to raise petrol prices," he said. "We haven't so far heard from the government and even though today is the day we were
to revise prices, we have decided to wait for one more day."
Indian Oil, Hindustan Petroleum and Bharat Petroleum review retail prices at the end of every fortnight.
On 30th/31st and 15th of every month, they use the average price of international benchmark and foreign exchange rate in fortnight to decide what should be the price of fuel from 1st and 16th of every month respectively.
The oil firms may review prices tomorrow.
Global gasoline prices (against which domestic petrol prices are benchmarked) have risen from USD 109 a barrel at the time of last revision in December to USD
