Petrol, diesel prices likely to be hiked on Saturday

While the international oil prices fell back from $50 a barrel on Monday, the Indian basket has reportedly breached the psychologial level of $50.14 per barrel which could lead to oil companies in India hiking prices of petrol and diesel.

Zee Media Bureau

New Delhi: Come Saturday, October 15, the prices of petrol and diesel are likely to be hiked, a move that would effect the common man.

Though the exact amount by which the prices could be hiked is not known, the hike is very much likely considering the rise of crude oil prices in the international level that hit USD 50 a barrel and on which basis it the hike in India is based.

And while the oil prices fell back from $50 a barrel in early trade on Monday after Saudi Arabia hinted that the output freeze agreed upon by the OPEC cartel countries last month would be effected quite gradually, the Indian basket has reportedly breached the psychologial level of $50.14 per barrel.

This means that oil companies in India could hike the prices of petrol and diesel to meet the prices of the international market.

Every month, on 1st and 15th, oil companies in India either hike or decrease the prices of petrol and diesel depending on the international oil market.

However, in October, oil companies have hiked the prices twice, once on 1st October as per the norm and another one on 4th October following increase in commission paid to dealers.

Currently, petrol costs Rs 64.72 a litre in Delhi while diesel costs Rs 52.61 per litre.