A rise in the prices of crude oil in the international market led to the hike in petrol price, Union Finance Minister Pranab Mukherjee said here on Wednesday.
“The price of crude oil in the international market has risen to $90 per barrel. The hike in petrol prices (in the country) was in parity with international prices,” he told journalists.
State-run oil major Bharat Petroleum Corporation Limited raised petrol prices by Rs. 2.95 per litre on Tuesday. The other two oil marketing companies, the Indian Oil Corporation and Hindustan Petroleum Corporation Limited are expected to follow suit.
“A decision had earlier been taken that there will be adjustments in petrol prices with that in the international market…That is why the prices have been hiked,” Mr. Mukherjee said.
