Despite stiff resistance from its allies, the UPA govt has decided to increase petrol and diesel prices. Starting midnight on Thursday (February 14, 2008) petrol will cost Rs 2 more per litre and diesel will be dearer by a rupee per litre.
The fuel price hike was on the cards since October 2007, when international crude oil prices touched a record high. However, political compulsions repeatedly delayed the decision. On Thursday (Feb 14) the Cabinet Committee on Political Affairs -- chaired by the Prime Minister -- finally gave its green signal.
Oil prices have been volatile through the year and have been hovering around $91 a barrel this week। This has put major pressure on public sector oil companies. With this hike, oil companies will now benefit by Rs 840 crores. On an annual basis the companies will benefit upto Rs 6000 crores. The oil bond prices will increase from 42% to 52%.
www.indstocks.com
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