Govt hikes petrol, diesel prices

The government has decided to raise prices of petrol by Rs 2 per litre and diesel by Re 1 per litre after deliberating on the move for over six months.

The increase in prices, with only six weeks to go before the financial year ends, will reduce the retail losses of the government-owned oil marketing companies by 1.2 per cent from the projected Rs 71,800 crore.

The price rise pushed up the stocks of the public sector oil marketing companies