Petrol price hiked by Rs1.82 amid plummeting rupee
29 June 2013
India's state-run oil marketing companies have increased the price of petrol by Rs 1.82 a litre as the headlong plunge of the rupee against the dollar made imports costlier.
The price hike became effective from Freiday midnight. It excludes state-level VAT, which means the price hike at outlets would be higher and would vary from state to state.
This is the third price hike this month. Petrol prices went up by 75 paisa (excluding VAT) on 1 June, and again by Rs2 (excluding VAT) on 16 June.
After the revision, petrol prices in tax-heavy Maharashtra and its capital Mumbai would be Rs76.90. For the other three metros, it would be Rs68.58 per litre in Delhi, Rs76.10 in Kolkata, and Rs71.71 in Chennai.
Earlier this week, the rupee for the first time breached the level of 60 against the US dollar. However by today it had recovered to 59.38.
"Since last price change, the downwards slide of rupee has continued and the INR-USD exchange rate has deteriorated from 57.08 to 58.94 during the fortnight," IndianOil Corp, the largest retailer, said announcing the increase in rates.
Further, international gasoline (petrol) prices have also increased from $113.84 per barrel to $115.29 a barrel since last price change.
Oil marketing companies review petrol prices every fortnight.