Petrol to cost Rs 75.41 in Bangalore

Petrol to cost Rs 75.41 in Bangalore

Petrol to cost Rs 75.41 in Bangalore

Effecting the third increase since June 1, oil marketing companies (OMCs) hiked petrol prices by Rs 1.82 a litre.

The new prices, which exclude the local levy, would be effective from Friday-Saturday midnight.

After the latest measure, petrol has become dearer by over Rs 5 in a single month, eroding the effects of the four small reductions in prices this year.

After the hike, petrol in Bangalore will cost Rs 75.41 per litre, up Rs 2.45 after taxes. Delhiites will have to pay Rs 68.58, a hike of Rs 2.19.

The cost in Mumbai will be Rs 76.90, up Rs 2.30; that in Kolkata will be Rs 76.10 and Chennai will be Rs 71.72.

India’s largest OMC, the Indian Oil Corporation, said the rise became imminent due to a hike in international crude prices and continued fluctuation of the dollar-rupee exchange rate. 

“Since the last price change, the downward slide of the rupee has continued, the exchange rate deteriorating from Rs 57.08 to Rs 58.94 per dollar,” IOC said in a statement.

Further, international gasoline (petrol) prices have also increased from $113.84 to $115.29 a barrel since the last price hike, it said.

“The combined impact of both has warranted the increase in petrol prices by Rs 1.82 per litre, excluding VAT,”  said the OMC.

Other OMCs – BPCL and HPCL --- are also expected to follow suit.

The monthly revision in diesel prices were also due, Friday being the last working day of the month, but sources said those will be revised next week.

The government has allowed the OMCs to effect a moderate 45-50 paise hike in diesel prices per month till they cut their losses to zero.

 But, the rupee's depreciation against the dollar and the hike in crude prices has prolonged the OMCs' woes as losses on diesel have gone up to Rs 8.60 per litre now from a little over Rs 6 earlier.