Prices of automotive lubricants hiked

The three national oil-marketing companies in India have increased the prices of automotive lubricants such as two-stroke engine oils, adding to the burden of motorists. The prices of lubricants across the grades marketed by Indian Oil Corporation have gone up by about Rs18 (US$0.42) a liter since April, including an increase of Rs12 (US$0.28) company sources said. The prices were untouched for around 18 months prior to the increase in April. The reasons for the increase include an increase in the cost of base oil, a key raw material, and additives. Hindustan Petroleum Corporation Ltd., according to M. Kannan, president of Tamilnadu Petroleum Dealers’ Association, is increasing the price of lubes by Rs30 (US$0.70) a liter. The formal announcement regarding this quantum of hike was expected on June 11. (June 11, 2008)