The hike of Petrol prices upto Rs 7.50 per litre last week, moved in a nationalwide strike, called by the NDA, Left parties and many key allies of the UPA on Thursday, hitting worse the transport routes.
The government still with its node not to reduce the hike as long as opposition pressure, but source said that there is more chances to reduce petrol price by Rs 1.50-1.60 a litre by the oil companies on Friday, or may be in the middle of next week. Read more
Review on oil prices likely today: Oil Corporations
Oil corporations’ decision of hike fuel prices revealed after today’s govt. clarification on decision of duty reduction and subsidy compensation.
A large amount of losses has revised by these State owned oil companies that around Rs 7.65 per litre on petrol sales, after increasing 20 %sales sale tax. While raised rates in Delhi is Rs 9.18 per litre.
Reasoning the retail selling price on fuel for their huge losses that demand hike fuel prices, they have demanded a cut in the Rs 14.35 a litre excise duty on petrol. Read more