The government has also decided to increase issuance of oil bonds to partly compensate the companies for their losses.
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India Hikes Petroleum Prices
The government has also decided to increase issuance of oil bonds to partly compensate the companies for their losses
India on Thursday decided to hike petroleum prices by Rs. 2 and diesel Rs. one a litre from midnight tonight which will have multiple effects on prices of almost all commodities.
The decision was taken to minimise the losses of public sector oil firms due to unprecedented hike in prices of oil in international market. It will benefit oil companies to the tune of Rs 840 crore.
The total losses incurred by the state-run oil companies in this fiscal year to sell fuel below cost price, is estimated at around Rs. 71,808 crore.
The government has also decided to increase issuance of oil bonds to partly compensate the companies for their losses.
The government has also decided to increase issuance of oil bonds to partly compensate the companies for their losses.
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