Petrol price hiked by Rs 1.69/litre, diesel by Rs 0.50

Tags: Petroleum
Petrol price was today hiked by a steep Rs 1.69 per litre and diesel by 50 paise a litre as the crisis in Iraq spooked international oil and currency markets.

The hike, effective midnight tonight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.

Petrol in Delhi will cost Rs 73.58 per litre, up Rs 2.02 from Rs 71.56 at present. Diesel rates will go up by 56 paise to Rs 57.84 per litre.

"Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks.

"The international prices of gasoline (petrol) have increased by more than $ 4 per barrel, and the rupee-US dollar exchange rate has also deteriorated. The combined impact of both these factors has warranted an increase in petrol prices by Rs 1.69 per litre, excluding state levies," Indian Oil Corp, the nation's largest oil firm, said.

Diesel rates were hiked in continuation with the previous UPA government's January 2013 policy of raising prices in small doses every month to eliminate subsidy.

IOC said despite the 17 hikes since then, oil firms are losing Rs 3.40 a litre on diesel. Losses have increased from Rs 2.80 a litre earlier this month due to firming up of international oil rates and the rupee depreciating against the US dollar.

Besides diesel, the state oil firms lose Rs 33.07 a litre on kerosene sold through the public distribution system (PDS) and Rs 449 per 14.2-kg domestic subsidised LPG (cooking gas) cylinder.

IOC said at current rate the industry (IOC plus Bharat Petroleum and Hindustan Petroleum) are projected to end the fiscal with Rs 107,850 crore of revenue losses.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • India would have done well not to supress the 'Bofors interview'

    Bofors is one case that refuses to go away two-and-half decades after it grabbed public attention and became a byword for political corruption, claimi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Varun Dutt

Biogas Potential in India

Biogas is a form of renewable energy produced from organic ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture