BPCL Seeks Petrol, Diesel Price Hike

BPCL, state-owned oil major, has sought a hike in prices of petrol by Rs 4 and diesel by Rs 2 per litre in line with the rising crude oil prices in the international market. The other two companies are public sector Hindustan Petroleum and Indian Oil Corporation. With crude prices touching a record $82 a barrel, petrol and diesel retail prices are likely to be hiked. The basket of Indian crude oil touched an all-time high of $75.37 a barrel on Wednesday, widening the losses of the public sector oil companies. The issue has acquired political overtones with Opposition parties re-affirming their demand for reduction in prices of petroleum products to the pre-June 2006 level. The Left parties, providing crucial outside support to the ruling coalition, have also demanded that the government cut the petrol and diesel prices.