Petrol to cost Rs 5 more from Saturday

State-owned oil marketing companies (OMCs) are all set to increase price of petrol by Rs 5 a litre with effect from Saturday, while the prices of diesel, cooking gas and kerosene will be increased next week once Congress president Sonia Gandhi returns after her medical checkup on September 10.

A cabinet note on increasing the prices of sensitive petroleum products like diesel, cooking gas and kerosene has already been circulated this week and a firm decision will be taken next week in consultation with the Congress chairperson. The prices of petrol, being a deregulated commodity is likely to be hiked immediately after the monsoon session of the Parliament ends on Friday.

“We are losing over Rs 5 per litre on petrol, so prices will go up by atleast Rs 5. The Indian basket of crude oil has increased by $11 a barrel, since the petrol prices were last revised on July 24, thus necessitating the hike,” said a board member of a leading oil retailer.

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