<p>After a hike in CNG and LPG prices earlier this week, the oil marketing companies raised diesel and petrol prices on Friday. <br /><br /></p>.<p>Petrol price was hiked by 75 paise and diesel by 50 paise a litre respectively effective from Friday-Saturday midnight, excluding local taxes or VAT. <br /><br />Petrol will now cost Rs 79.38 a litre in Bangalore as against the earlier Rs 78.38, a hike of rupee one, while diesel will cost Rs 59 a litre as against Rs 58.40, an increase of 61 paise.<br />The increase in auto fuel prices come in the wake of rising international oil prices and depreciation of the rupee against the dollar.<br /><br />“Since the last price change, international prices of gasoline have increased from about $115 per barrel to about $116.6, and the rupee-US dollar exchange rate has depreciated from Rs 61.88 to a US dollar to Rs 62.00,” India’s largest fuel retailer Indian Oil Corporation (IOC) said in a statement.<br /><br />With the latest increase, petrol will now cost Rs 72.43 a litre in Delhi from Rs 71.51 while in Kolkata, it will cost Rs 79.55, in Mumbai Rs 79.52 and in Chennai Rs 75.68.<br /><br />Diesel will now cost Rs 54.34 in Delhi, Rs 58.76 in Kolkata, Rs 61.42 in Mumbai and Rs 57.93 in Chennai. Since January 2013, diesel rates have risen by a cumulative Rs 7.19. <br /><br />The government had on January 17, 2013 authorised the oil marketing companies to increase the retail selling price in small doses every month till their losses were wiped out.<br />IOC, however, said that despite the increase every month, the under recovery or loss on diesel will stand at Rs 9.24 per litre.<br /><br />“For the year 2013-14, IOC is expected to incur under-recovery of Rs 74,700 crore on sale of three sensitive products,” the IOC statement said, adding that the industry would end the year with a Rs 1,44,800-crore loss.</p>
<p>After a hike in CNG and LPG prices earlier this week, the oil marketing companies raised diesel and petrol prices on Friday. <br /><br /></p>.<p>Petrol price was hiked by 75 paise and diesel by 50 paise a litre respectively effective from Friday-Saturday midnight, excluding local taxes or VAT. <br /><br />Petrol will now cost Rs 79.38 a litre in Bangalore as against the earlier Rs 78.38, a hike of rupee one, while diesel will cost Rs 59 a litre as against Rs 58.40, an increase of 61 paise.<br />The increase in auto fuel prices come in the wake of rising international oil prices and depreciation of the rupee against the dollar.<br /><br />“Since the last price change, international prices of gasoline have increased from about $115 per barrel to about $116.6, and the rupee-US dollar exchange rate has depreciated from Rs 61.88 to a US dollar to Rs 62.00,” India’s largest fuel retailer Indian Oil Corporation (IOC) said in a statement.<br /><br />With the latest increase, petrol will now cost Rs 72.43 a litre in Delhi from Rs 71.51 while in Kolkata, it will cost Rs 79.55, in Mumbai Rs 79.52 and in Chennai Rs 75.68.<br /><br />Diesel will now cost Rs 54.34 in Delhi, Rs 58.76 in Kolkata, Rs 61.42 in Mumbai and Rs 57.93 in Chennai. Since January 2013, diesel rates have risen by a cumulative Rs 7.19. <br /><br />The government had on January 17, 2013 authorised the oil marketing companies to increase the retail selling price in small doses every month till their losses were wiped out.<br />IOC, however, said that despite the increase every month, the under recovery or loss on diesel will stand at Rs 9.24 per litre.<br /><br />“For the year 2013-14, IOC is expected to incur under-recovery of Rs 74,700 crore on sale of three sensitive products,” the IOC statement said, adding that the industry would end the year with a Rs 1,44,800-crore loss.</p>
