Washington, Sept.22 : A renewable energy source designed to reduce greenhouse gas emissions is contributing more to global warming than fossil fuels, a study has suggested.

Mumbai: State-owned oil major BPCL has sought an increase in petrol rates by Rs 4 and diesel by Rs 2 per litre in proportion to the climbing crude oil costs in the worldwide markets.

While addressing the news persons after its 54th AGM on Thursday, Ashok Sinha, BPCL Chairman and Managing Director said, “We are hoping the price of petrol and diesel would be raised by Rs 4 and Rs 2 respectively.”

“The three oil companies are losing Rs 150 crore per day and BPCL's share is 25 per cent of that,” Mr. Sinha commented.

New Delhi: Oil and Natural Gas Corp (ONGC) on Wednesday said that it will commence production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.

Oil prices jumped to all-time high, and other energy futures also accompanied suit on Monday, on the back of anticipations that the Fed Reserve will slash the benchmark federal funds rate.

The rate cut will back up the stock markets and guarantee demand for oil and gasoline in the upcoming days.

For next month delivery, light, sweet, crude ascended $1.47 to $80.57 per barrel on the NYMEX. It also touched a peak of $80.70 on Monday (September 17).