Zee Biz EXCLUSIVE: Petrol, Diesel prices to go up! Petroleum Ministry sends note to Finance Ministry telling THIS

A not so happy news for consumers on the petrol and diesel prices front. The prices of petrol are expected to go up further by Rs 2-3 soon while that of diesel to Rs 1-2. While this will certainly have an impact on the pockets of the common man, oil marketing companies like Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) are expected to gain. Zee Business’ Chetan Bhutani brings this exclusive report. 

Citing his top government sources, Bhutani said that the prices of petrol and diesel could increase further in the immediate term. While this could hit consumers, all the three OMCs will likely benefit from it, he said. 

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He said that price of petrol could increase by another Rs 2-3 while that of diesel may see an uptick of Rs 1-2. He said that the price may not go up in one go and will be done in a phased manner.  

This is because the Brent Crude prices have been going up and at the current levels of USD 70, the crude oil prices are at their highest in a recent time.

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#ZBizExclusive | BPCL, HPCL, IOC के लिए बड़ी खबर-

> आने वाले दिनों में और महंगे होंगे पेट्रोल, डीजल
> पेट्रोल करीब ₹2-3, डीजल ₹1-2 महंगा होने की उम्मीद#BPCL #HPCL #IOC @AnilSinghvi_ @BhutaniChetan pic.twitter.com/qOYaFAgc4s

— Zee Business (@ZeeBusiness) June 2, 2021

At higher retail prices, the OMCs will benefit, he further said. 

The Ministry of Petroleum has sent a note on this to the Ministry of Finance 10 days back. While this exercise is routine and the petroleum ministry sends the indication on the status of prices once in a fortnight, he said. 

Stocks of all OMCs – IOCL, BPCL and HPCL were trading in the green at the time of the news break. He said that any intervention by the government on this could be a big development, going forward.