Get ready to pay more for petrol and diesel from Saturday as state-owned oil companies have announced a hike of between Rs 0.90 – Rs 0.98 per litre (including state taxes) in the price of petrol and between Rs 0.55 to Rs 0.61 per litre (including taxes) in the price of diesel.
A statement from Indian Oil Corporation (IOC) on Friday said the current increase is required mainly due to depreciation of the Indian rupee against the US dollar from Rs 54.26 to Rs 55.32 per US dollar. The new prices of petrol and diesel will be effective from Saturday.
Following the revision, every litre of petrol will cost Rs 63.99 in Delhi, Rs 70.68 in Mumbai, Rs 66.85 in Chennai and Rs 71.29 in Kolkata. The per litre cost of diesel from Saturday would stand revised to Rs 50.25 in Delhi, Rs 56.66 in Mumbai, Rs 53.53 in Chennai and Rs 54.56 in Kolkata from Saturday.
In NCR, every litre of petrol would cost Rs 65.36 in Faridabad, Rs 65.16 in Gurgaon, Rs 70.23 in Noida and Rs 70.12 in Ghaziabad. The cost of every litre of diesel will stand revised to Rs 49.29 in Faridabad, Rs 49.09 in Gurgaon, Rs 54.47 in Noida and Rs 54.35 in Ghaziabad.
Diesel prices were last revised on May 10 by over Rs 1 a litre. After the current price increase of around 60 paise a litre, losses on diesel to oil companies still stand at Rs 4.87 a litre, the IOC statement said.
Before the current hike in petrol prices, oil companies had implemented four consecutive reductions in petrol prices. The price of petrol was last reduced by Rs 3 per litre – the steepest cut in more than four years – from May 1. Prior to this, the rates were reduced by Rs 1 a litre on April 16, 85 paise a litre on April 1 and Rs 2 a litre on March 16.