Sharp depreciation in rupee has forced oil marketing companies to hike petrol price by Rs 1.82 per litre excluding VAT with effect from midnight tonight — a third successive hike this month.
Earlier on June 16, petrol price was hiked by a steep Rs 2 per litre as devaluation of rupee against US dollar made imports costlier. On June 1, the fuel price was hiked by 75 paisa, excluding VAT.
The hike, which is effective from midnight tonight, is excluding local sales tax or VAT and actual increase for consumers will be higher.
Among oil marketing companies, Indian Oil Corporation generally announces the price changes in petrol and diesel every 15 days. IOC today said that latest hike was due to further depreciation in rupee.
| Revised Petrol Prices/Litre | ||
| City | Old rate | New rate |
| Mumbai | 74.6 | 76.9 |
| Delhi | 66.39 | 68.56 |
| Chennai | 69.39 | 71.71 |
| Kolkata | 73.79 | 76.1 |
Surprisingly, there was no change in diesel price. Since diesel price was hiked by 50 paisa, excluding VAT, on June 1, it was expected that OMC would increase diesel prices at the end of the month. IOC however did not clarify reasons for not hiking diesel price.
Diesel prices has been hiked on five occasions since January when the government authorised state-owned oil firms to increase prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out.
IOC said the devaluation of rupee had led to widening of losses on diesel and cooking fuel.
Losses on diesel has widened to Rs 8.60 a litre from Rs 6.31 a litre at the middle of the month. Besides, oil firms are also losing Rs 30.53 per litre on kerosene and Rs 368.5 on sale of every 14.2-kg domestic cooking gas (LPG) cylinder.
The company said at current rate IOC would end the fiscal with a total revenue loss of about Rs 63,000 crore while the industry (IOC plus other state-owned fuel marketing firms) would incur around Rs 1.18 lakh crore loss.
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Petrol price up by Rs 1.82/L; to cost Rs 76.90/L in Mumbai
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