Petrol price today increased by a Rs. 2.35 per litre. This is the Sixth time increase in last three months.
Diesel price hiked by 50 paise per litre on falling rupee and firming international oil prices.
Indian Oil Corp, the nation’s largest fuel retailer, announced that this increase in rates will be effective by Saturday midnight, excluding local sales tax or VAT.
The actual hike will be more higher and will vary from city to city.
Petrol price in Delhi will go up by Rs. 2.83 to Rs. 74.10 per litre while it will cost Rs. 81.57 per litre in Mumbai as against Rs. 78.61 currently.
This is the sixth increase in rates since June and in all petrol prices have gone up by a massive Rs. 9.17 per litre, excluding VAT. Price of petrol in Delhi has gone up by over Rs. 11 per litre after including state tax since June 1.
In a parallel move, diesel price was hiked by 50 paise, excluding VAT, in line with the January decision of the government allowing oil companies freedom to rise prices in small doses every month to wipe out mounting losses.
Diesel price in Delhi has been hiked by 57 paise to Rs. 51.97 per litre while it will cost Rs. 58.86 in Mumbai from tomorrow as compared to Rs. 58.23 currently.
Today’s hike in the eighth since the January 17 and most of the losses on diesel sales should have been wiped off by now to make the fuel market priced. But the fall in rupee, around 25% since April, has worsened the situation and oil firms are losing Rs. 12.12 per litre despite prices being raised by a cumulative Rs 4.75 this year.
Oil firms had on June 1 raised petrol prices by 75 paise, excluding VAT, and followed it with a Rs. 2 per litre increase on June 16, a Rs. 1.82 increase on June 29, Rs. 1.55 hike on July 15 and 70 paise increase from August 1.
