JOIN USA litre of petrol in Bangalore will now cost Rs 72.96, up from Rs 70.33, after oil companies effected a Rs-2 increase in petrol prices from Saturday midnight.
This is the second hike in a fortnight. Oil companies had increased petrol prices by 75 paise on June 1 (excluding VAT).
The steep hike in prices have been announced after the rupee weakened sharply against the US dollar and the international oil prices spiked. The hike of Rs 2 per litre excludes local taxes or VAT, which varies from state to state. After the latest hike, petrol in Delhi will cost Rs 66.39 from Rs 63.99 earlier, while in Mumbai, it will sell at Rs 74.60. In Kolkata, rates went up from Rs 71.29 to Rs 73.79 per litre.
In Chennai, prices were hiked by Rs 2.54 to Rs 69.39. In Bangalore, a litre of petrol will cost Rs 72.96, up from Rs 70.33.
The country’s largest fuel retailer Indian Oil Corporation said in a statement the combined impact of rupee depreciation and hardening of oil prices in the international market warranted the increase in the base price of petrol by Rs 2 per litre.
“Since the last price change, the slide in rupee (against the US dollar) has continued and the USD-INR exchange rate has deteriorated from Rs 55.32 to Rs 57.08 per USD,” IOC said.
Diesel prices were, however, left untouched as the OMCs have been following the government’s guidelines of increasing the prices by small quanta of 45-50 paise every month. The next diesel price revision is due on June 30.