New Delhi: With the completion of election process in five states, the State Owned Oil Companies are gearing up to get the Central Government approval to increase the petrol price by five rupees.
According to Oil Companies the crude oil price has reached US$120 in the international market and the weak Indian Rupee is adding to the cost of petroleum products. Oil companies are losing Rs.5.10/liter on Petrol, Rs.13.55/liter on Diesel, Rs.29.97/liter on Kerosene, Rs.439.00 on LPG Cylinder. Due to this the Oil Companies are losing 450 Crore Every Day.
After state deregulation of petrol prices Oil Companies meet twice on 01st and 16th of every month to revise the petrol price as per the international crude price and the exchange rate of Indian Rupee. They are waiting for the government approval for formality sake only.
The decision is difficult for the UPA government as it has faced significant losses in the current assembly elections, it’s major allies DMK, Trinamula Congress are Opposing Petrol price rise and lastly the Parliament Session will begin from March 12.