JOIN USPetrol prices go up by Rs 1.84
Effecting another major hike in a fortnight, oil marketing companies raised petrol prices by Rs 1.40 per litre from Friday midnight. The hike excludes local taxes which varies from state to state.
Petrol will now cost Rs 70.74 in Delhi as against Rs 69.06 till Friday, Rs 78.34 per litre in Kolkata, Rs 77.66 in Mumbai and Rs 73.95 in Chennai. The price in Bangalore will go up by Rs 1.84 to Rs 77.88. The prices might vary a bit in the rest of the State.
The country’s largest fuel retailer, Indian Oil Corporation (IOC), said the hike was an upshot of the increase in international price of crude oil, coupled with depreciation of the rupee, which made imports costlier.
“The price increase has been necessitated by two factors. The international gasoline (petrol) prices have increased from $128.57 per barrel to $131 a barrel since the last revision and the rupee has depreciated from Rs 53.43 to Rs 54.15 against the dollar,” an IOC statement said.
It added that the combined impact of these two factors has compelled the company to revise the prices.
“The Corporation does not have any other option but to pass on the increase in motor spirit prices to consumers as the Corporation has already suffered losses on sale of
motor spirit during the year,” it said.
“The trends of international oil prices and Rupee-USD exchange rate shall be closely monitored and the same shall be reflected in future price changes,” said IOC.
Petrol prices were last increased by Rs 1.50 per litre on February 16.
The BJP termed the hike “a betrayal of the people” since it was announced a day after the Union Budget was presented. The party demanded an immediate rollback.
“Finance Minister P Chidambaram presented the Budget yesterday (Thursday) and the government decided a day later to hike the price of petrol. This is a betrayal of the people of the country and the BJP will not take this lying down,” party spokesperson Rajiv Pratap Rudy told reporters.