BPCL announces a price hike in petrol by Rs. 2.96 per litre

Bharat Petrol Corporation Limited (BPCL), the second largest fuel retailer has recently announced a hike in the petrol rate by Rs 2.96 per litre. The hike will be affective from Tuesday midnight.

It has been reported that the Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) would also hike the price from the following day (from Wednesday). The report further added that the Petroleum Ministry had allowed those three companies, BPCL, IOCL and HPCL to increase the price by Rs 2.96 per litre as the rate of petrol per barrel had increased in the international market.

As per report of sources, after raising the rate by Rs 2.96 per litre, the rate of petrol would be Rs 55.87 per litre. The report further added that the state petrol companies would also revise their rate.

Reportedly, the three companies are still losing because of under-price petrol selling. The petrol companies are losing Rs 4.17 per litre.
It has been reported that, price hiking of diesel by Rs 2 per litre was also on the agenda as oil companies were losing Rs 5.40 per litre of diesel. The report further added that the result about price hiking of diesel would come on December 22.

This will be the fourth price revision by the petrol companies since June 26 however; the price of petrol in international market has reached from $73-74 per barrel to $90 per barrel.

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