RS 4/l PETROL HIKE ON ANVIL
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.