Petrol price hiked by Rs. 1.55 a litre, which will be in effect by today midnight!
Oil companies hiked the price of petrol by Rs. s.1.55 a litre, excluded taxes, as the falling rupee made imports costlier. Thre is no change in the price of diesel.
The new price will take effect from Sunday midnight.
Actual increase will be higher and will vary from city to city depending on local city taxes.
Petrol price in Delhi has been hiked by Rss. 1.86 per litre to Rss. 70.44, effective Monday, as against Rss. 68.58 currently.
This is the fourth increase in rates in since June thanks to depreciation of the rupee against dollar.
Oil firms had on June 1 raised the price of the fuel by 75 paise, excluding VAT, and followed it with a Rs. 2 per litre increase on June 16 and a Rs. 1.82 on June 29.
The rupee, which plays a major role in petrol prices, finished at 59.56/57 to dollar last week.
Indian Oil, in a statement released on its website on Sunday, said the hike is due to "the combined impact of deteriorating exchange rate and increasing international oil prices".
"Since last price change, the downward spiral of rupee against the dollar has continued to reach a low of Rss. 60.03 per dollar as against Rss. 58.94 per dollar during the previous fortnight. Further, international MS prices have also shown an uptrend and increased from $115.29/bbl to $117.19/bbl," it said.
The revision in prices, as per the practice of changing rates in line with cost every fortnight, was due on Tuesday July 16 but will be raised a day earlier.
With the latest increase, all of the gains made from four reductions in prices earlier this year had been neutralised. The rates cuts had brought down the price to Rss. 63.01 at the beginning of May.
