Owing to the increase in international prices of crude oil, the oil-marketing companies have decided to increase the domestic retail selling price of petrol and diesel up to 40 paise per litre for the fortnight commencing January 16.
According to the companies, the international prices for products have a tendency to move up during winter months due to increased demand for heating purposes.
Further, conflicts in Iraq, which can upset the crude flows from West Asia, have been continuously pushing up oil prices.
This had resulted in an increase in prices of Indian crude oil basket to $28.82 per barrel during January 2003, as compared to $27.08 per barrel during December 2002, an increase of about 6.5 per cent, said the release.
World supplies had also been tightened by an ongoing strike in Venezuela, which had slashed oil exports from a country which was Organisation of Petroleum Exporting Countries
