Nowadays, people are getting worried about the rising prices of petrol diesel in the country. In recent times, in the national capital, Delhi, the price of petrol has seen an increase of 69 paise in the last four days. At the same time, the price of petrol has reached 75.32 rupees per litre, which is said to be the highest level in four and a half years.
Just after the Karnataka Assembly Election result came, state-owned Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) ended 19-day interval in changing petrol and diesel prices.
Earlier, in September 2013, the price of petrol was seen at Rs. 76.06 per litre. The price of petrol and diesel has been increased not only in Delhi but also in some other part of the country i.e. Kolkata.
On Thursday, petrol has been priced at Rs 78.01 per litre, Mumbai at 83.16 per litre and Chennai at 78.16 per litre while diesel rates in Delhi are Rs 66.79 per litre, Kolkata Rs 69.33 per litre, Mumbai 71.12 per litre and Chennai Rs 70.49 per litre.
According to the report released by Kotak Institutional Equities, “Our computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel by a steep Rs 3.5-4 a litre and gasoline (petrol) by Rs 4-4.55 per litre in the coming weeks to earn normative gross marketing margins of Rs 2.7/litre.”
“We note that the lack of price hikes over the past three weeks, before Karnataka elections amid a sharp increase in global crude/product prices, has resulted in sharp moderation in gross marketing margins to around Rs 0.5-0.7 a litre,” it said.
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