Fair
8°CWed :Clear. High: 16 Low: 3

Petrol price hiked by Rs 1.40 per litre

Petrol price hiked by Rs 1.40 per litre

New Delhi: Petrol price was Friday hiked by Rs 1.40 per litre, the second big increase in rates in as many weeks.

A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight Friday, said a statement by Indian Oil Corporation (IOC).

The hike is excluding local sales tax or VAT and the actual increase in rate for consumers will be higher after including the tax incidence.

The previous petrol price hike was Rs 1.50 a litre excluding VAT on February 16.

The increase in price for consumers in Delhi will be Rs 1.68 per litre and the new rate will be Rs 70.74 a litre as against Rs 69.06 a litre currently.

“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,” the statement said.

Petrol in Mumbai will cost Rs 77.66 a litre as against 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.

Apart from losses on sale of petrol, oil firms are suffering under-recovery (revenue loss) on sale of diesel of Rs 11.26 per litre, kerosene of Rs 33.43 a litre and LPG of Rs 439 per cylinder. The loss on diesel has risen from Rs 10.72 a litre on February 16, when its rates were increased by 45 paisa excluding VAT.

IOC said it will end the fiscal with a revenue loss of Rs 86,500 crore on sale of diesel, LPG and kerosene. The industry, comprising of IOC and two other state firms, will be Rs 163,500 crore during current year.

 

Top Stories

227436-priyanka

Priyanka Gandhi denies reports that she wished to contest against Narendra Modi

April-23-2014
Congress leader Priyanka Gandhi Vadra, presently managing the campaign for Sonia and Rahul Gandhi in Amethi and Rae Bareli, was reportedly willing
money300

Black money may account for 1/3rd of Rs 30k Cr poll expenses

April-22-2014
New Delhi: As general elections draw closer, ‘unaccounted money’ may account for over tierce of total Rs 30,000 large integer calculable to
MalaysiaAirlinesPlaneTakeOff_large

Malaysia to issue death certificates in missing plane

April-22-2014
The Malaysian government can issue death certificates for passengers of missing Flight MH370 and supply monetary help to families still hanging onto
nexux

Google engaged on a budget Nexus smartphone

April-22-2014
Google has been in the news since last number of years for engaged on a budget Nexus smartphone. However, the items haven’t
fdf1cd30-c9db-11e3-9371-91f8250ebe24_IMG_8573

Bollywood celebrities support AAP

April-22-2014
  Bollywood celebrities support AAP After fielding screenland candidates like Gul Panag, Jaaved Jaffrey and Jaspinder Narula from various Lok Sabha constituencies,
muslim-s2

In geographical area, Muslims bitter but see few choices on the far side Cong

April-22-2014
In Maharashtra muslims are also sad regarding the means within which the state has “illegally detained” kids in terror cases. Muslims kind