New Delhi: Oil companies have hiked fuel prices once more. Petrol price was hiked by 55 paise and diesel by 58 paise. The price hike will come into effect on Sunday. Oil companies have been raising fuel prices in recent days. Earlier, oil prices were hiked on March 22, 23 and 25.
On March 22, 137 days later, oil companies raised fuel prices once more. Oil companies are expected to raise petrol and diesel prices to offset losses in the coming days. Rating agency Moody’s had forecast that IOC, BPCL and HPCL would lose Rs 19,000 crore if they did not raise fuel prices between November 2021 and March 2022.
Meanwhile, Brent crude is trading at $ 120 in the international market. International crude oil prices rose marginally.
