Petrol price hiked by 60 paise, diesel by 50 paise

State-run oil marketing companies have announced increases in the prices of petrol and diesel by 60 paise and 50 paise, respectively, per litre effective today. The increases are exclusive of state taxes and the new rates may vary from state to state accordingly, Indian Oil Corporation stated in a release.

Petrol in Delhi currently costs Rs72.43 per litre and after the increase it will be priced at Rs73.03 per litr, while diesel rates will go up marginally from Rs54.34 a litre to Rs54.84.

The price of petrol was last revised upwards by Rs0.75 per litre (excluding state levies) on 4 January 2014. Since the last price change, international prices of crude petroleum have increased from $116.04 per barrel to $118.10 per barrel, Indian Oil pointed out.

The combined impact of a rise in crude prices and a fall in the value of the rupee, has warranted the increase in petrol prices by Rs0.60/ litre (excluding state levies), it said.

The government had authorises OMCs to increase the retail selling price of diesel within a small range every month until further orders. Accordingly, retail diesel prices are being revised every month.

The new rates (rupees per litre) for petrol and diesel applicable from midnight of 28 February 2014 are as follows:

Even after the current increase, under recovery on retail diesel stands at Rs8.37/litre, Indian Oil, the countries largest fuel retailer, said.