Petroleum Minister Doera announced on Wednesday, that Petrol prices will be hiked by Rs 5 and Diesel Prices will be hiked by Rs: 3. On the other hand LPG gas prices also will be hiked by Rs: 50, there is no price hike kerosene prices.
Prime Minister Manmohan Singh will address the nation today evening to expalin the reason for price hike in fuel prices.
According to reports oil companies have been suffering huge losses to the tune of Rs 225,000 crores per year.
Meanwhile, international crude oil price continue to fall. crude oil futures dipped to $127 per barrel on Tuesday.