The increase in petrol price is the first in three months, the last hike being on 1st March. For diesel, this is the fifth increase in rates this year
The government on Friday raised the price of petrol by 75 paisa per litre and diesel by 50 paisa a litre as the rupee hit 11-month low making oil imports costlier.
The increase in rates, which are excluding local sales tax or VAT, are effective from Saturday, Indian Oil Corporation (IOC), the nation's largest oil marketing company, said.
Petrol price in Delhi has been hiked by 90 paisa to Rs63.99 a litre from Rs63.09, while diesel will cost Rs50.25 per litre as against Rs 49.69 earlier.
Also, the oil marketing companies (OMCs) cut price of cooking gas (LPG) that consumers have to buy beyond their quota of nine subsidised cylinders in a year, by Rs45 per bottle.
Non-subsidised domestic LPG in Delhi will now cost Rs802 per 14.2-kg cylinder as against Rs847 currently.
The increase in petrol price is the first in three months, the last hike being on 1st March. Since then, petrol prices had been cut four times on falling global oil prices.
For diesel, this is the fifth increase in rates this year.
State-owned oil firms had been in January authorised to raise diesel prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out. Diesel price was last hiked by 90 paisa a litre on 11th May after the companies skipped raising rates in April to avoid troubles for the government during the Budget session of Parliament.
Petrol in Mumbai will now cost Rs70.68 a litre as against Rs69.73 earlier, while diesel prices have been raised by 62 paisa to Rs56.66.
“Prices of petrol were last revised downwards on 1st May by Rs2.50 per litre (excluding state levies). The current increase is required mainly due to depreciation of rupee from Rs54.26 to a dollar to Rs55.32 per dollar,” IOC said.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
