Petrol to cost Rs1.50 more per litre; diesel prices up 45 paise

State-run oil marketing companies today announced a Rs1.50 per litre increase in the price of petrol, even as they raised the price of diesel by 45 paise a litre, as per an earlier announced formula of monthly hikes in prices to take it to a remunerative level.

While petrol is fully freed from price regulations, diesel prices are still under partial curbs with the government barring OMCs from raising prices in one go.

Both price increases are effective midnight tonight, Indian Oil Corporation said in a release.

The prescribed hikes are exclusive of local sales tax or value added tax (VAT) and the final price would be Rs1.80 more in the case of petrol and 51 paise higher for diesel in Delhi. It may vary from state to state depending on the level of local taxes.

The new price of petrol in Delhi would be Rs69.05 per litre, while a litre of diesel will cost Rs48.16 in the capital.

Before the hike, petrol cost Rs74.72 in Kolkata, Rs74 in Mumbai and Rs70.26 in Chennai, while diesel cost Rs51.51 in Kolkata, Rs53.71 in Mumbai and Rs50.68 in Chennai, according to the Indian Oil Corporation.