In a move that will surely award the authorities with lot of frawns, the petrol price was today hiked by 70 paise per litre. The diesel price too was increased by 50 paise a litre. The revised prices, which have been decided after factoring in local sales tax/VAT, will come into effect midnight tonight.
Petrol in Delhi will now cost INR 71.28 per litre and it will cost INR 78.61 per litre in Mumbai.
It may be noted that this is the fifth hike in Petrol price since June 2013. In all, petrol has become dearer by INR 6.82 per litre since July.
“Since the last price change, the international price of petrol has gone up from $ 117.19 per barrel to$ 120.05. The INR-USD exchange rate, however, has marginally appreciated from Rs 60.03 to a US dollar to Rs 59.49,” IOC said in a statement. The combined impact of these factors warranted a price increase of petrol by Rs 0.70 a litre (excluding state levies).
Diesel price too, like every month, has been increased by 50 paise.
The latest increase in price is due to the increase in crude oil prices and the Indian rupee growing weaker against US dollar. “The movement of prices in international oil markets and rupee-dollar exchange rate is being closely monitored and developing trends of the market will be reflected in future price changes,” IOC also said.