Partly Cloudy
32°CWed :Isolated Thunderstorms. High: 33 Low: 22

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

hhjh

Porsche Macan launched in India at Rs 98.18 lakh

July-23-2014
When we first learnt that Porsche’s baby SUV, the Macan, was making its way to India, we knew it would be expensive,
Gnbhp_-360

India Court Allows Sahara to Sell Overseas Assets

July-23-2014
NEW DELHI–India’s Supreme Court said late Tuesday that it would consider letting Sahara Group founder Subrata Roy out of jail for up
35311619.cms

Metro changes minimum add value in smart cards

July-23-2014
Metro commuters travelling in the Capital can recharge their smart card through ‘Token Vending Machines’ for as little as Rs. 100 again
253024-tarungogoi

After rebel Himant Biswa Sarma’s resignation, Tarun Gogoi sacks two dissenting ministers in Assam

July-23-2014
Apparently backed by the Congress high command, Assam Chief Minister Tarun Gogoi tonight cracked down on dissidents pressing for his ouster sacking
BtMpM6tCMAArWmc.jpg:medium

Shiv Sena MPs Accused of Forcing Muslim Staffer to Eat in Maharashtra Sadan Row

July-23-2014
Delhi : Parliamentarians of the Shiv Sena allegedly forced a Muslim catering supervisor, who was fasting for Ramzan, to eat a chapati
23-dayanidhi-kalanidhi-maran

Aircel scam: Centre wants CBI chargesheet against Maran Brothers

July-23-2014
New Delhi, July 23: The Centre has asked the CBI to file a chargesheet against the Maran (Dayanidhi and Kalanithi) brothers in