Indian Oil Corporation Ltd (IOC) yesterday hiked petrol price by 75 paise per litre and that of diesel by 50 paise per litre effective from midnight, it was officially announced. Both rates are excluding local taxes. According to IOC, the increase is required mainly due to depreciation of the rupee from Rs 54.26 to Rs 55.32 per US dollar.
The price of petrol was last revised on May 1 when it was brought down by Rs.2.50 per litre. Oil marketing companies have been authorised to increase the retail selling price of diesel within a small range every month. “Even after the current increase, under-recovery (revenue loss) on retail diesel shall stand at Rs.4.87 per litre,” IOC said in a statement.
With the latest hike in effect from midnight, the rates of petrol per litre, allowing for local taxes, will be Rs 63.99 in Delhi, Rs 70.68 in Mumbai, Rs 66.85 in Chennai and Rs 71.29 in Kolkata. The new rates for diesel per litre will be Rs 50.25 in Delhi, Rs 56.66 in Mumbai, Rs 53.53 in Chennai and Rs 54.76 in Kolkata.