PM Narendra Modi has been trying to weaken the states since he came to power and is trying to fill government coffers by raising petrol prices, Telangana Minister TRS Working President K T Rama Rao
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This is the ninth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22
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Reliance Industries is set to get a record price of around $10 per MMBtu for the KG gas, while ONGC is likely to fetch more than double the rate for its Mumbai High and other fields, sources said
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Petrol price on Tuesday crossed Rs 100 a litre mark after rates were hiked by 80 paise a litre and 70 paise in case of diesel, taking the total increase in rates in one week to Rs 4.80 per litre
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India's top fuel retailers IOC, BPCL and HPCL have together lost around USD 2.25 billion (Rs 19,000 crore) in revenue in March by keeping petrol and diesel prices unchanged
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In spite of all that, the government is making ''every effort to make sure that the consumer at the point of consumption get fuel at an affordable price," he said
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Petrol and diesel prices on Wednesday were hiked by 80 paise a litre each for the second day in a row since the ending of an over four-and-half month hiatus in rate revision
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Indian refiners typically buy oil two months ahead of processing. Refiners are raising runs to cash in on high margins to offset some of the losses incurred for selling fuels in the local markets
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India's auto fuel sales surged past pre-pandemic levels in the first half of March as consumers and dealers topped tanks in anticipation of a likely price hike post assembly elections
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International oil prices, which shot up since Russia invaded Ukraine, have swung about $40 per barrel in little more than a week
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