Today the Oil marketing companies such as HPCL, BPCL and IOC has hiked petrol price by Rs.6.28 per liter, which will become effective from midnight 24-05-2012 i.e from Thursday, when included sales tax price hike stands at Rs.7.50 per liter. We were already highlighting this in our previous articles, as Indian rupee has been continuously falling against the US dollar, hence making the import cost of all goods higher including crude oil (which is mostly imported). However, the price of diesel price were kept unchanged, because it has direct impact on the inflation.
Tomorrow markets are expected to be in pressure due to this hike, however traders can buy stocks like HPCL and BPCL tomorrow.
New Price of Petrol in metro cities:
- New Delhi: 73.14 per Liter
- Mumbai: 78.16 per Liter
- Kolkata: 77.53 per Liter
- Chennai: 77.05 per Liter