On New Year eve’s celebration, the public could suffer from the hike price of petroleum fuel. The price of fuel could be rise by Rs 2.
Further for revising rates of fuel, the Oil companies will be held a meeting on Monday to revise rates of petrol but would need a political clearance given that Assembly elections are round the corner.
However there may be chances of change in rate as five-bound poll Assembly elections have been announced.
In their report, the oil companies said that they will decide on revising rates only on Monday. The rate change may, however, need a political clearance as Assembly elections in five crucial states, including Uttar Pradesh and Punjab, have been announced.
However, according to the report of Experts, a hike price of over Rs 2.10-2.13 per litre in petrol price is needed because of weakening Indian currency.
While asking about changes made in oil price rate, an official reported, “While international price of gasoline (against which domestic petrol prices are benchmarked) are more or less at the same level (as at the time of last revision), the rupee has depreciated to about Rs 53 to a US dollar.”
The price rate made on 1st and 16th of every month, of petrol based on the average imported price and exchange rate during the fortnight. The oil companies have revised rates on Saturday as scheduled and but may do so on Monday
