Petrol, diesel prices up by Rs 3, CNG by Rs 2, further hike likely; no change in piped gas yet
NEW DELHI: Amid mounting losses, public sector oil firms announced the much-anticipated increase in petrol and diesel prices, raising it by around Rs 3 a litre across metros on Friday, which was lower than expected. Piped kitchen gas prices were, however, left unchanged.Oil company executives did not rule out the possibility of a further increase in petrol and diesel prices, but that will depend on a green light from the govt, including extent and timing.
The hike for the two auto fuels will only partially cover the losses of state-run oil retailers with ratings agency Crisil estimating under-recoveries at Rs 10 a litre for petrol and Rs 13 for diesel.
