Petrol price was hiked on Friday by a steep Rs 1.82 a litre, the third increase in rates this month, as the falling Indian rupee made imports costlier. An increase in diesel rates is expected early next week.
Oil companies raised petrol rates by Rs 1.82 a litre, excluding local sales tax or VAT, with effect from midnight. Actual increase will be higher and will vary from city to city depending on local taxes.
Following are the revised prices of petrol in four metros.
City -|- Current -|- Revised -|- Increase
Delhi -|- 66.39 -|- 68.58 -|- 2.19
Kolkata -|- 73.79 -|- 76.10 -|- 2.31
Mumbai -|- 74.60 -|- 76.90 -|- 2.30
Chennai -|- 69.39 -|- 71.71 -|- 2.32
Petrol price in Delhi was hiked by Rs 2.19 per litre to Rs 68.58 from tomorrow as against Rs 66.39 currently.
This is the third increase in rates this month. Oil firms had on June 1 raised prices by 75 paisa, excluding VAT, and followed it with a Rs 2 per litre increase on June 16.
The revision in prices as per the practice of changing rates in line with cost every fortnight, was due on Sunday June 30 but were raised today.
Diesel price too is likely to be raised by 40-50 paisa per litre early next week in accordance with the government mandate for small doses of increases every month.
In Mumbai, petrol price has been increased by Rs 2.30 to Rs 76.90 while in Kolkata rates went up from Rs 73.79 to Rs 76.10 per litre. In Chennai, prices were hiked by Rs 2.32 to Rs 71.72.
This week's increases have almost negated the four reductions this year that had brought down the rates to Rs 63.01 at the beginning of May.
"Since last price change, the downwards slide of rupee has continued and USD-INR exchange rate has deteriorated from Rs 57.08 to a US dollar to Rs 58.94 during the fortnight," Indian Oil Corp (IOC) said announcing the increase in rates.
Further, international gasoline (petrol) prices have also increased from USD 113.84 per barrel to USD 115.29 a barrel since last price change.
The combined impact of both depreciating rupee and rising international prices have warranted the increase in petrol prices by Rs 1.82 per litre, excluding VAT, IOC said.
Depreciating rupee has led to widening of losses on diesel and cooking fuel. Oil firms are now losing Rs 8.60 per litre on