Tuesday, May 31, 2011: State-owned Indian Oil Corporation, the nation’s largest fuel retailer, today said it may hike petrol price next month as the steep hike of Rs 5 per litre of May 15 was not enough to cover for the cost of crude oil.“Even after the hike, we are today losing Rs 4.58 per litre. After including VAT, the desired increase at retail level comes to Rs 5.50 a litre,” IOC Chairman RS Butola told reporters in New Delhi.
The desired hike in price has been calculated based on the average crude oil price of the first fortnight of May. However, from June 1, which will take into account the average of second half of May when international rates moderated, IOC will lose Rs 1.15 per litre. After including VAT, the desired hike in Delhi would be Rs 1.35 a litre.
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