In order to reduce the losses of Oil marketing companies govt. will likely to increase petrol prices by 4rs/lit where hike in the diesel price has not decided yet. Petroleum minister today meet prime minister regarding hikes in petrol prices.

 

Increase in the oil prices is very much necessary as fuel prices in the international market went up over 70$ which increase the subsidy burden on the government as well as on companies. By these hike government would save 2-3bn$ as per the estimates.

 

Meanwhile prices of all oil marketing companies went up by 4-5%.BPCL closed up by 5.49% while HPCL closed up by 4.08%

 

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