State-owned oil companies on Friday announced yet another hike in petrol prices by Rs. 1.63 a litre (excluding state levies). After including taxes, the actual price hike will by Rs. 1.96 a litre (in Delhi) after which petrol will cost Rs. 76.06 a litre in the Capital.
The new petrol prices will be applicable from Saturday.
Petrol prices were last increased by Rs. 2.35 a litre (without taxes) on September 1, implying that the price of petrol in Delhi has gone up by close to Rs. 4.78 a litre (including taxes) in less than 15 days.
Despite the present trend of stabilization of rupee and global crude oil and fuel prices, the average international prices of petrol in the first 13 days of the month went up from $ 114.44 a barrel to $ 117.40 a barrel. The average rupee-dollar exchange rate during the period also worsened from Rs. 63.88 to Rs. 66.02 for every dollar. To give effect to these twin reasons, Indian Oil Corp said it had to increase petrol prices by Rs. 1.63 (excluding taxes).
However, at the same time IOC clarified that should the recent trend of stabilisation and appreciation of rupee-dollar exchange rate continue and international petrol prices also not move adversely, the beneficial effect of the same will be passed on to the consumers in the next fortnight.
Alongside, making a case for a one time hike in diesel, cooking gas (LPG) and kerosene prices, IOC also said that it continues to suffer a loss of Rs. 14.50 a litre for selling diesel below market cost, Rs.36.83 a litre for kerosene sold under the public distribution system and domestic LPG at a loss of Rs. 470.50 per cylinder.
IOC said the movement of prices in the international oil market and rupee-dollar exchange rate are continuously under watch and developing trends reflected in future price changes.
Delhi - Current Price (Rs): 74.10, Revised Price- 76.06, Increase - 1.96
Kolkata - Current Price (Rs): 81.57, Revised Price - 83.62, Increase - 2.05
Mumbai - Current Price (Rs): 81.57, Revised Price - 83.63, Increase - 2.06
Chennai - Current Price (Rs): 77.48, Revised Price - 79.55, Increase - 2.07