Fri, 28 Jun 2013 20:15:00 GMT | By The Hindu Business Line

Petrol price hiked by Rs 1.82/litre

The combined impact of rupee depreciation and increase in international crude prices warranted an increase in petrol prices


Petrol price hiked by Rs 1.82 litre (© Reuters)

New Delhi: For the second time this month the public sector oil companies have increased petrol price. The companies have increased the retail selling price of petrol with effect from midnight tonight by Rs 1.82/litre (excluding VAT). The increase will vary from State-to-State depending on the local levies. After the increase, the retail price in Delhi is Rs 68.58 a litre, Mumbai Rs 76.90 a litre, Kolkata Rs 76.10 a litre, and Chennai Rs 71.71 a litre.

In a statement Indian Oil Corporation said, prices of petrol were last revised on June 16 mainly on account of depreciation of the Rupee. Since last price change, the downwards slide of Rupee has continued and dollar-rupee exchange rate has deteriorated from Rs. 57.08/USD to Rs. 58.94/USD during the fortnight.

Further, international petrol prices have also increased from $113.84/bbl to $115.29/bbl since last price change. The combined impact of both these factors, predominantly of Rupee depreciation, has warranted the increase in petrol prices by Rs. 1.82/litre (excl. VAT). The movement in international oil markets and INR-USD exchange rate is being closely monitored and developing trends of the market will be reflected in future price changes.

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