Petrol prices will go up by Rs 1.55 per litre, excluding state taxes, from Sunday midnight, largely due to depreciation in the value of the rupee and rise in crude oil prices in international markets, Indian Oil Corporation said.
This is the second sharp hike in petrol prices in the past two weeks and fourth increase in less than two months.
The previous increase was June 29, when the oil marketing firms had hiked the price by Rs 1.82 per litre, excluding taxes. However, the price of diesel will remain unchanged.
“The combined impact of deteriorating exchange rate and increasing international oil prices has resulted in the need to increase petrol prices by Rs 1.55 per litre (excluding VAT),” the country’s largest oil retailer said in a statement.
Actual increase in prices will be higher and differ from state to state depending on the local tax rates.
In Delhi, one litre petrol will cost Rs 70.44 from Sunday midnight, as against the existing price of Rs 68.58.
The current prices of petrol in other major cities are: Mumbai Rs 75.79 per litre; Kolkata Rs 75.84 per litre and Chennai Rs 71.65 a litre.
Justifying the hike in prices, Indian Oil Corporation (IOC) said: “Since the last price change, the downward spiral of rupee against the US dollar has continued to reach a low of Rs 60.03/USD as against Rs 58.94/USD during the previous fortnight. Further, international MS (motor spirit) prices have also shown an uptrend and increased from $115.29 a barrel to $117.19 a barrel.”
The new price of petrol in Delhi after the price hike