Indian Oil Corporation (IOC), the nation’s largest fuel retailer, today hiked petrol prices by 72 paise a litre effective midnight tonight. IOC sources said after the hike, petrol in Delhi would cost Rs 52.55 a litre, and the rate in other cities would vary depending on local taxes and levies.
While Bharat Petroleum Corporation (BPCL) had yesterday announced a 70 paise a litre increase in petrol prices, Hindustan Petroleum Corporation (HPCL) is expected to follow suit in a day or two.
The three oil companies no longer revise petrol prices in tandem to avoid being accused of acting as a cartel. The three companies also do not have a uniform price for petrol with IOC selling the fuel three paise cheaper than BPCL. Petrol at HPCL is one paise cheaper than BPCL.
Sources said the three companies were losing about Rs 1 a litre on petrol after international oil prices rose to over $80 per barrel this month.
The government had in June freed petrol pricing from its administrative control, allowing the state companies to fix rates in line with the cost of production. This is the second increase in petrol prices since June this year.
