It has recently emerged that petrol prices in the country have been hiked by Rs. 1.40 per litre. It may be noted that this is the second big price increase in recent times. The increase in prices comes at the back of a rise in international oil prices and depreciation in Indian rupee (Yawn! Tell me something new.)
The price rise comes in to effect from midnight tonight.
This price hike is exclusive of local sales tax or VAT and the actual increase in rate will be higher after taking into account the local taxes. The last petrol price rise happened on February 16th when prices of gasoline were raised by INR Rs 1.50.
The rise in petrol price in Delhi will be of Rs 1.68 per litre and hence, petrol will cost Rs 70.74 per litre from tomorrow (versus Rs 69.06 presently).
In Mumbai, petrol will cost Rs 77.66 per litre (versus Rs 75.89 per litre currently).
“The trends of international oil prices and Rupee-USD exchange rate shall be closely monitored and the same shall be reflected in future price changes,” said IOC, the nation’s largest oil retailer.
“The price increase has been necessitated by two factors — the international gasoline (petrol) prices have increased from USD 128.57 per barrel to USD 131.00 a barrel since the last revision; and the rupee has depreciated from Rs 53.43 to Rs 54.15 per US Dollar during the period,” it further added.
Don’t be too surprised if a similar increase in price of diesel follows in a few days.