Partly Cloudy
21°CSun :Clear. High: 30 Low: 14

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

10536-2808-140918-iPhone_6_Plus-Teardown-l

Initially iphone 6 & iphone 6 Plus teardowns uncover high-limit batteries, modified innards

September-19-2014
Nearing hours after Apple dispatched the iphone 6 and 6 Plus on Friday, repair firms and sites are as of now performing
Untitled-5 copy-163781

Last rundown of Bigg Boss 8 candidates uncovered

September-19-2014
Mumbai: The most famous reality TV show ‘Bigg Boss 8′, facilitated by none however the widely adored Salman Khan will go on
hope-whosoever-comes-to-power-will-manage-country-well-says-indra-nooyi_111113095932

Fortune positions Indra Nooyi third most capable ladies ready to go

September-19-2014
New York: Pepsico’s India-conceived CEO Indra Nooyi has been positioned third most compelling businessperson by Fortune, the main Indian-beginning lady on the
Uddhav_Modi_AP_360

Shiv Sena Warns BJP on Seat-Sharing, Says ‘We Are Not Asking, We Are Giving’

September-19-2014
In the round of brinksmanship that the accomplices of 25 years are playing over seat-imparting for the Maharashtra races, the Shiv Sena
980189ac-ecf3-452c-b7a0-3bdc4f505fcdWallpAutoWallpaper2

Movie Review: Fawad Khan, Kirron Kher attempt yet neglect to spare Khoobsurat

September-19-2014
Sonam Kapoor’s Khoobsurat offering Fawad Khan inverse her, hits theaters on Friday. Touted as a redo of Hrishikesh Mukerhjee’s Khoobsurat (1980), the
children

Fighting Parents Can Hurt Emotional Growth of Children

September-18-2014
Wrangling parents put the enthusiastic development of their youngsters in peril, as indicated by another research by New York University. Conjugal issues