Petrol, Diesel Prices Could Shoot Up By Rs 15 Per Litre: Experts
NDTV
Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses after keeping them steady for over four months
Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including Uttar Pradesh, despite international oil prices jumping to a 13-year high of $140 per barrel.
Fuel prices need to be increased by Rs 15 a litre for fuel retailers to break even, industry sources said.
West Texas Intermediate crude futures, the US oil benchmark, rose to $130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of $139.13 at one point overnight, also its highest since July 2008.
To compound things, the rupee tumbled to a record low of 77.01 per dollar on Monday.
