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Rediff.com  » Business » Petrol price hiked by Rs 1.69/litre, diesel by Rs 0.50

Petrol price hiked by Rs 1.69/litre, diesel by Rs 0.50

June 30, 2014 20:47 IST

Petrol price hiked by Rs 1.69/litre, diesel by Rs 0.50

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Petrol price was on Monday hiked by a steep Rs 1.69 per litre and diesel by 50 paise a litre as the crisis in Iraq spooked international oil and currency markets.

The hike, effective Monday midnight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.

Petrol in Delhi will cost Rs 73.58 per litre, up Rs 2.02 from Rs 71.56 at present.

Diesel rates will go up by 56 paise to Rs 57.84 per litre.

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Image: The hike, effective Monday midnight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.
Photographs: Reuters

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Petrol price hiked by Rs 1.69/litre, diesel by Rs 0.50

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"Due to geo-political unrest in West Asia, there has been significant increase in international oil prices during the past two weeks.

"The international prices of gasoline (petrol) have increased by more than $4 per barrel, and the rupee-US dollar exchange rate has also deteriorated.

“The combined impact of both these factors has warranted an increase in petrol prices by Rs 1.69 per litre, excluding state levies," Indian Oil Corporation, the nation's largest oil firm, said.

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Photographs: Reuters

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Petrol price hiked by Rs 1.69/litre, diesel by Rs 0.50

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Diesel rates were hiked in continuation with the previous United Progressive Alliance government's January 2013 policy of raising prices in small doses every month to eliminate subsidy.

IOC said despite the 17 hikes since then, oil firms are losing Rs 3.40 a litre on diesel. Losses have increased from Rs 2.80 a litre earlier this month due to firming up of international oil rates and the rupee depreciating against the US dollar.

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Image: IOC said despite the 17 hikes since then, oil firms are losing Rs 3.40 a litre on diesel. Losses have increased from Rs 2.80 a litre earlier this month due to firming up of international oil rates and the rupee depreciating against the US dollar.
Photographs: Reuters

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Petrol price hiked by Rs 1.69/litre, diesel by Rs 0.50

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Besides diesel, the state oil firms lose Rs 33.07 a litre on kerosene sold through the public distribution system and Rs 449 per 14.2-kg domestic subsidised Liquefied Petroleum Gas (cooking gas) cylinder.

IOC said at current rate the industry (IOC plus Bharat Petroleum and Hindustan Petroleum) are projected to end the fiscal with Rs 107,850 crore (Rs 1,078.5 billion) of revenue losses.

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Image: IOC said at current rate the industry (IOC plus Bharat Petroleum and Hindustan Petroleum) are projected to end the fiscal with Rs 107,850 crore (Rs 1,078.5 billion) of revenue losses.
Photographs: Reuters

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