NEW DELHI: Petrol prices were on Friday hiked by Rs 1.63 per litre, the seventh increase since June, on rising oil rates and falling rupee.
The increase excludes local sales tax or VAT and will be effective midnight tonight, oil firms said.
Indian Oil Corp (IOC)(IOC.NS), the country’s biggest refiner, said it would raise petrol prices by 2.6 percent from Saturday due to weakness in the rupee and rising petrol prices in the global markets in the first fortnight of the month.
India’s three state-run fuel retailers – IOC, Bharat Petroleum Corp (BPCL.NS) and Hindustan Petroleum Corp (HPCL.NS) – tend to move their prices together.
The petrol price in Delhi will go up by Rs 1.96 to Rs 76.06 per litre, while it will cost Rs 83.63 per litre in Mumbai as against Rs 81.57 currently.
With this increase, petrol prices have gone up by a massive Rs 10.80 per litre since June, excluding VAT. The price in Delhi has surged by Rs 13.06 per litre, inclusive of state tax, since June 1.
A cut in petrol prices had been expected on September 15/16, the scheduled date for fortnightly revisions, on the back of an appreciating rupee over the past few days.
Oil firms had raised petrol prices by 75 paise, excluding VAT, on June 1 and followed it with increases of Rs 2 per litre on June 16, Rs 1.82 on June 29, Rs 1.55 on July 15, 70 paise on August 1 and Rs 2.35 on September 1.
Diesel prices may soon see a one-time hike of Rs 3-5 per litre, kerosene of Rs 2 a litre and LPG of Rs 50 per cylinder as the oil ministry looks at ways to tackle a record Rs 180,000 crore of losses from the dipping rupee and surging oil rates. Agencies
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