Web Analytics Business News This Week Petrol, Diesel Price to Go Up from June 1 | Business News This Week

May 30, 2013

Petrol, Diesel Price to Go Up from June 1

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petrol price
The price of petrol and diesel would go up by Rs.1 and 0.45 respectively from June 1, according to media reports. The state run oil companies have been reviewing the price every fortnightly. Recently the devaluation of rupees against the US dollar could be the major reason behind the hike in the prices.

Since the petrol and diesel prices were deregulated, the price of these goods in the domestic market has been changing in compliance with the international crude price. Due to the high value of dollar against Indian rupees, the crude price becomes dearer for Indian oil firms.

In order to reduce the loss due to the devaluation of rupees, the oil firms are bound to raise the price and the direct burden would be on the consumers those are the end buyers at retail rate.

On the flip side, the price of petrol and diesel were cut couple of months ago due to the decrease in the crude price at the international market. However, the consumers would be need to pay more for the petrol and diesel from June.

And the prices may go down again if Indian rupees become stronger in the currency market.


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