Two-rupee hike in petrol price, 9-rupee in diesel rate proposed

The Ogra has recommended an increase of two rupees in the per-litre price of petrol and nine rupees in the per-litre rate of high-speed diesel, reported 24NewsHD TV channel on Wednesday, quoting its sources.

The proposal is to hike the petrol price from Rs 272.89 to Rs 274.89 and of diesel from Rs278.96 to Rs 287.96.

The change in the prices of petroleum products will be announced on February 15 (Thursday-tomorrow).

Earlier, it was reported that in the wake of rise in oil prices in global market, the government is planning to revise up the petroleum prices.

Earlier, global oil prices settled higher on Tuesday as geopolitical tensions continued in the Middle East and eastern Europe, but gains were curtailed as investors reined in expectations for the US Federal Reserve interest rate cuts.

Brent futures settled 77 cents higher or 0.94% at $82.77 a barrel while US West Texas Intermediate (WTI) crude settled 95 cents higher, or 1.24%, at $77.87 a barrel.

Reporter Ashraf Khan