Oil marketing companies meeting on crude oil begins, prices may increase in next 2 days

The oil marketing companies have begun the meeting to discuss the price of oil. The discussion is held on the proposal of price hike of crude oil in the Indian market. It is expected that all oil companies will give their report in this meeting.

The representatives of Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), along with private oil companies will give their reports.

According to the source, an assessment has been asked from the oil companies that if the price is to be increased, then how much hike is needed and if not, then for how long can they supply petrol and diesel at the same price.

The companies may propose to raise the price of oil by Rs 18 - Rs 26, if they will not receive any help from the government, according to the information received by the companies.  It will also be discussed in the meeting that the full price of crude oil will not be increased simultaneously as this will give a deep shock to the public and this can lead to rising in inflation.

With the announcement of a possible change, the price is expected to climb in phases over the next two days. The government may also be able to reduce the excise tax rates slightly.

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