Facing losses of about Rs 550 crore per day, the state run oil companies have been crippled with the losses. As a measure to recover from the damage inflicted, there is a fair chance that the petrol prices would be hiked by Rs 5 today.

This hike forced by the state-owned oil marketing companies' losses due to the high crude oil prices is one of the steepest increases in the history.

It is not just the petrol that would receive a hike in the prices, the hike is expected to affect other fuels like Kerosene, LPG and diesel too.
The government states that it experiences a loss of Rs. 17/litre on diesel sales, Rs. 32.7/litre on kerosene sales, and Rs. 347/cylinder on cooking gas sales every day.

The hike is imminent as any further delay would deplete the funds at with the oil companies and imports would be affected causing dearth of the fuel at filling stations.
It is also known that the hike comes after the long time in the case of diesel, LPG and kerosene which have not been increased since June last year, albeit a hike in the cost of production by nearly 28 per cent.

(AW- Anil)