Go Ad-Free
    My Alerts
    Moneycontrol
    Moneycontrol PRO
    HomeNewsBusinessCompaniesPay Rs 2/lt more for petrol from midnight as IOC ups rates

    Pay Rs 2/lt more for petrol from midnight as IOC ups rates

    Indian Oil Corporation has raised petrol prices by another Rs 1.80 per litre from midnight. And, sources tell CNBC-TV18 that other oil marketing companies (OMCs) too will follow suit and hike prices from midnight.

    November 04, 2011 / 09:43 IST
       
       
      26 Aug, 2025 12:21
      Volume
      Todays L/H
      More

      Days after the oil minister distanced himself from the question of another hike in petrol prices, oil marketing companies have taken action. Indian Oil Corporation has raised petrol prices by another Rs 1.80 per litre from midnight. (HERE is what PK Goyal, director of Finance at IOC had to say)


      Sources tell CNBC-TV18 that other oil marketing companies (OMCs) including HPCL and BPCL too will follow suit and hike prices from midnight.


      This hike, OMCs say, is necessary as the Rs 15,000 crore compensation promised by the Centre is yet to be released. Moreover, a depreciating rupee as well as the lack of subsidy relief is hurting the liquidity position of these companies.


      OMCs continue to lose Rs 333 crore everyday by selling subsidised LPG, kerosene and diesel.


      This is the second hike in petrol prices in less than two months and it came on a day when the food inflation rose "dangerously" to 12.21% for the week ended October 22.

      Oil marketing companies had earlier hiked petrol prices by Rs 3.14 a litre on September 16 when the rupee was ruling at about 48 to a US dollar. The government had in June last year deregulated or freed petrol from all price controls but the retail rates have not moved in line with cost as high inflation rate forced the oil companies to seek 'advice' from parent oil ministry before revising rates.

      first published: Nov 3, 2011 08:00 pm

      Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

      Subscribe to Tech Newsletters

      • On Saturdays

        Find the best of Al News in one place, specially curated for you every weekend.

      • Daily-Weekdays

        Stay on top of the latest tech trends and biggest startup news.

      Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347
      CloseGen AI Masterclass