New Delhi: After having control on petrol price rise mainly because of a Government’s directive to keep prices stable till the assembly elections in the five main states of the country, the oil marketing companies are now all set to raise the prices again. Petrol price is likely to increase by Rs 3 per litre after the Uttar Pradesh assembly elections.
Executives of Bharat Petroleum, Hindustan Petroleum and Indian Oil informed that the rates have been unchanged since past two months inspite of increase in the price of crude oil in the international market. The price of crude oil which was $109 two months back is now hovering around $ 118. The oil companies have been bearing a great loss on selling petrol by Rs 3.30 below the market prices.
Mr R S Butola, MD & Chairman, IOC, said, “I am not linking the price increase with any event. It could be any time. If the prices remain high, we will have no recourse but to increase prices. The company can’t sustain for long. We will be forced to raise petrol prices if (international) prices prevail at this level.”