Government Oil Companies may hike petrol prices by 50 paise per liter from 16th of June 2011. Despite of heavy hike of Rs. 5/liter, companies are bearing loss. According to an official from Indian Oil Corporation, Prices will go up by 0.50 paise from 16th June if no political pressure will be there.
Already, companies have hiked the petrol price by Rs. 5 on May 15th 2011. According to Official, due to hike in crude oil prices at Global level , companies are still bearing a loss of Rs.4.58/liter.
Also the meeting of the Group of Ministers to discuss regarding the hike of price of cooking gas and diesel has been postponed today.
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