Petrol price hiked 75p/ltr, diesel 50p with effect from midnight tonight

Jan 03 2014, 19:35 IST
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The hikes in petrol and diesel prices, effective midnight tonight, are excluding local sales tax or VAT. (Reuters) The hikes in petrol and diesel prices, effective midnight tonight, are excluding local sales tax or VAT. (Reuters)
SummaryThe drive is getting dearer by the day as petrol and diesel prices have been hiked yet again.

Petrol price has been hiked yet again, this time by a massive 75 paise a litre, while diesel price has been raised by the regulation 50 paise today after jump in global oil rates and fall in Indian rupee value increased the cost of production.

The hikes, effective midnight tonight, are excluding local sales tax or VAT and actual increase will be higher and vary from city to city.

Petrol price, which was last hiked by 41 paise excluding VAT on December 21 as government raised commissioned paid to petrol pump dealers, will cost Rs 72.43 a litre in Delhi from midnight tonight, up 91 paise from Rs 71.52 currently.

The price of diesel in Delhi will be hiked by 56 paise, including tax, to Rs 54.34 per litre, while it will cost Rs 61.42 a litre in Mumbai as against Rs 60.80 currently.


City | Price | Revised | Rise

Delhi | 71.51 | 72.43 | 0.92

Kolkata | 78.60 | 79.55 | 0.95

Mumbai | 78.56 | 79.52 | 0.96

Chennai | 74.71 | 75.68 | 0.97


City | Price | Revised | Rise

Delhi | 53.78 | 54.34 | 0.56

Kolkata | 58.18 | 58.76 | 0.58

Mumbai | 60.80 | 61.42 | 0.62

Chennai | 57.32 | 57.93 | 0.61

(All Rates in Rs/litre)

Diesel price increase is in line with the January 2013 decision of the government to raise rates by up to 50 paise per month till such time that the entire losses on the fuel are wiped out, and prices made market determined.

Announcing the price hike, Indian Oil Corp (IOC), the nation's largest fuel retailer, said that even after the 12th price hike since last January the oil companies are incurring Rs 9.24 per litre loss on sale of the fuel.

Officials said the price revision was due on January 1 but the oil companies did not change rates as they were wary of the decision being dubbed as 'New Year Gift' to consumers.

Diesel price was last hiked by 10 paise on December 21 when the commission paid to petrol pump dealers was increased by the government.

Since last January, diesel rates have risen by a cumulative Rs 7.19 this year.

"Since the last price change, international prices of gasoline (petrol) have increased from about USD 115 per barrel to about USD 116.6, and the rupee-US dollar exchange rate has depreciated from Rs 61.88 to a US dollar to Rs 62.00," IOC said in the statement.

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