Search the Internet          Tips  Sites: Finance, Investment

Oil companies not to hike retail prices for now

Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have decided not to revise the retail prices of petrol and diesel despite the increase in crude prices during the fortnight ending June 30.

''We have decided not to revise the retail prices of diesel and petrol at present,'' an Indian Oil Corp spokesperson said.

''Oil companies will review prices on July 15 again as per the government's decision that they will review prices every fortnight,'' he added.

Crude prices in the International market after showing weakness in the first fortnight of June showed upward trend and average prices of Dubai crude rose to $24.7 per barrel as against the average price of less than $23.5 per barrel in the first fortnight.

The government has also directed oil companies not to revise prices of cooking gas and kerosene till the finalisation of mechanism of 'flat rate subsidy.'

Since the dismantling of administered price mechanism, retail prices of petrol had gone up by around Rs 2.75 per litre and diesel by around Rs 1.75 per litre and ruling at a record level in all the major cities.

UNI

ALSO READ:
More Money Headlines