Oil Companies Seek Price Hike for Petrol and Diesel Amid Losses

The prices of commercial LPG cylinders in the country have recently been increased by a whopping Rs 993. So the question is, after the price hike of gas cylinders, is it now the turn of petrol-diesel? These days, oil marketing companies (OMCs) are in talks with the central government to increase the price of petrol and diesel as they are incurring losses on selling the retail fuel. To compensate for this loss, government companies are planning to increase the fuel rate. A MoneyControl report quoted a senior government official as saying, "OMCs are incurring losses on the sale of petrol, diesel and LPG and are in constant touch with the petroleum ministry and finance ministry, with whom the price hike is being discussed." Another government official was quoted as saying that the prices may go up by Rs 2 - 4 per litre. Due to the rising tensions between Iran and the US and the continuing crisis in West Asia, Brent oil prices have crossed the $126 per barrel mark in the last four years.