A steep depreciation in rupee value coupled with rise in international fuel prices saw oil companies announce a Rs. 1.55 per litre (excluding local taxes or value-added tax) increase in petrol prices on Sunday - fourth such hike in six weeks. The new rates will come into effect from Monday.
The actual increase will vary from city to city, depending on local taxes.
In Delhi, the price has been hiked by Rs. 1.86 per litre to Rs. 70.44 as against Rs. 68.58 currently. In Mumbai, a litre of petrol will now cost Rs. 77.73 and Rs. 77.76 in Kolkata.
Oil firms had on June 1 raised prices by 75 paise, excluding VAT, and followed it up with a Rs. 2 per litre increase on June 16 and Rs. 1.82 on June 29.
The revision in prices, as per the practice of changing rates in line with cost every fortnight, was due Tuesday, but would be raised a day earlier.
There will be no change in diesel prices, just yet, as the revision is due month-end.
The increase neutralises all the four reductions earlier this year. The cuts had brought down the price of a litre of petrol in Delhi to Rs. 63.01 in early May.