Public sector oil marketing companies (OMCs) hiked petrol prices by 70 paise per litre and diesel by 50 paise considering the increase in the international crude oil prices. But pump prices will vary from city to city depending on state and local taxes.
Oil firms pointed out that the international price of petrol rose from $117.19 per barrel to $120.05 per barrel. The rupee-dollar exchange rate however, has marginally appreciated from Rs 60.03 per dollar to 59.49.
Reports suggest that petrol prices will rise 88 paise per litre and diesel by 62 paise in New Delhi, following the hike.
Since June 2013, oil firms hiked petrol prices five times while diesel rates rose about 50 paise every month since January 17.
Any such move could disrupt the monsoon session of the parliament starting next week,” a government official said.
Since January, OMCs have been allowed to raise diesel prices by 50 paise every month until pump prices are aligned with international market rates.
Oil companies’ revenue loss on diesel was only Rs 3.80 per litre in May. In a statement that the fuel price hike was necessary despite marginal relief in the exchange rate.
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