The stage is set for another round of petrol price hike with the Indian basket of crude oil increasing by over $10 to $113 per barrel since the prices were revised last on July 24. Given their mounting losses, oil marketing companies (OMCs) are putting pressure on the government for a hike and the petrol prices are expected to go up by around Rs 3 a litre after the monsoon session of Parliament ends in the first week of September.
“It’s true that we are losing money on petrol, a deregulated product, and the hike is imminent. When and by how much? I can’t say. It’s just a matter of time,” said an official of a leading OMC, adding that the timing will depend on the government nod. “The nod is unlikely come before the monsoon session of Parliament ends as the government is battling out the ‘Coalgate’ crisis,” said a director on the board of a Mumbai-based oil retailer.