RS 4/l PETROL HIKE ON ANVIL

The Free Press Journal - - FRONT PAGE -

NEW DELHI: A Rs 4 per litre in­crease in petrol and diesel prices is in the off­ing if sta­te­owned fuel re­tail­ers are to re­turn to pre-Kar­nataka poll hia­tus mar­gin lev­els, bro­ker­age firms said. In­ci­den­tally, the bench­mark in­ter­na­tional rate for petrol, used for re­vis­ing the do­mes­tic rate on April 24, had gone up from USD 78.84 per bar­rel to USD 82.98 on May 14. It has now fur­ther risen to USD 83.30, in­di­cat­ing more daily hikes would be needed to level re­tail price with cost. Sim­i­larly, bench­mark in­ter­na­tional diesel rates dur­ing this pe­riod have climbed from USD 84.68 per bar­rel to USD 88.93. Also, the ru­pee has weak­ened to Rs 67.06 per US dol­lar from Rs 66.62, mak­ing im­ports costlier.

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