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Oil marketing companies such as HPCL, Indian Oil Corporation andBPCL will be in the limelight at the stock market this week, as they have hikedpetrol and diesel prices for the consumers. Petrol and diesel prices wereincreased by Rs 1.50 and 45 paise a litre (excluding taxes) respectively sincelast Friday. This is the second consecutive increase in diesel price within amonth.
Defending the increase, public sector oil refiner-cum-retailerIndian Oil Corporation said this was because of the sharp uptrend in crude oilprices. "Since the last price change, international oil prices haveconstantly shown an uptrend. Crude oil price has increased from $109.08 to$113.24 a barrel, while international petrol prices have gone up from $119.59to $128.57 a barrel, said IOC. As a result, under-recovery has gone up to Rs10.72/litre which will now, with this increase, fall to Rs 10.27/litre, saidIOC.
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