Petrol prices raised by Rs1.40 per litre

State-run oil marketing companies have raised the price of petrol being sold through their retail outlets by Rs1.40 per litre (excluding VAT) from midnight tonight.

The revised prices of petrol effective midnight of 1-2 March in Delhi would be Rs70.74, while it will be Rs77.66 in Mumbai, Rs78.34 in Kolkata and Rs73.95 in Chennai.

With taxes varying from state to state, the effective hike in Delhi would be around Rs1.68 a litre after adding 20 per cent value added tax (VAT). Petrol in Delhi would now cost around Rs70.74 a litre, up from Rs69.06 a  litre.

Announcing the decision, Indian Oil Corporation (IOC) said the price increase has been necessitated by the increase in the international prices of crude oil, which has increased from $128.57 per barrel to $131.00 per barrel since the last revision.

OMCs had last revised petrol prices upward by Rs1.50 per litre on 16 February.

''It may be added that international petrol prices over the year have shown a spurt during the first quarter of the calendar. They generally start levelling back during the second quarter. Keeping this trend in view, we do believe that there should be opportunities to revise the prices downward as and when the international petrol prices soften,'' the company said.