Petrol Price Hiked 50 Paise, Diesel Up 55 Paise

Moody’s Investors Services last week stated that state retailers together lost around $ 2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

Oil companies ‘will need to raise diesel prices by Rs 13.1-24.9 per liter and Rs 10.6-22.3 a liter on gasoline (petrol) at an underlying crude price of $ 100-120 per barrel,’ according to Kotak Institutional Equities.

CRISIL Research said a Rs 9-12 per liter increase in retail price will be required for a full pass-through of an average $ 100 per barrel of crude oil and Rs 15-20 a liter hike if the average crude oil price rises to $ 110-120 .

India is 85% dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

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