The government has allowed state-owned oil companies to raise the price of petrol by Rs 3 a litre and diesel by Rs 2 a litre from midnight today. Prices of cooking gas and kerosene have been left unchanged.
Based on the fortnightly average of the Indian basket, as on August 31, oil marketing companies are incurring a loss of Rs 7.50 a litre on petrol, Rs 5.50 on diesel and Rs 12 on kerosene, while a cylinder of LPG is being sold Rs 96 below the import-parity price.
Silver Lining: With the government finalising a burden-sharing mechanism, OMCs may not be allowed to raise prices during the remainder of the financial year, if the prevailing international prices did not rise significantly.
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