On the backdrop of the depreciation of rupee against dollar, state-run oil marketing companies (OMCs) raised the price of petrol by a steep Rs 1.55 a litre, excluding local sales tax or VAT.
According to the traditional price revision cycle, the change in the petrol price should be effective from July 16. But it was raised a day earlier.
The hike, which is the fourth time in six weeks, comes as the falling value of rupee against the dollar increases the cost of imported crude oil.
Compared to the current price of Rs 68.58 per litre of petrol in Delhi, the new price would be Rs 70.44.
Oil firms had on June 1 raised prices by 75 paisa, excluding VAT, and followed it with a Rs 2 per litre increase on June 16 and a Rs 1.82 on June 29.
However, there will be no change in diesel prices just yet as the revision in its rates are due at the month end.
With the latest increase, all of the gains made from four reductions in prices earlier this year had been neutralised. The rates cuts had brought down the price to Rs 63.01 at the beginning of May.
Leave a Reply
You must be logged in to post a comment.