Petrol price increased by 60 paise, diesel by 50 paise

Oil marketing companies in India has increased petrol prices by 60 paise per litre and diesel by 50 paise/litre, excluding state levies. The new prices will come into effect from midnight Friday.

Petrol price in Delhi has gone to Rs 73.03 a litre, earlier it was Rs 73.03/litre. On the other hand, diesel price has been hiked to Rs 54.84/litre from Rs 54.34 per litre in Delhi. Petrol prices were last hiked on January 3 by 75 paise/litre.

Elaborating on the fuel price hike, Indian Oil Corporation released a statement, which reads as, "Since the last price change, international prices of MS have increased from USD 116.04/bbl to USD 118.10/bbl, and the INR-USD exchange rate has also depreciated from Rs. 62.02/$ to Rs. 62.12/$. The combined impact of both these factors, has warranted the increase in Petrol prices by Rs. 0.60/ litre (excluding state levies)."

Also, in pursuant to GOI order dated 17th January, 2013, Oil marketing companies are authorised to increase the retail selling price of Diesel, within a small range every month until further orders. So, since then, retail diesel prices are being revised every month. Even after this hike, companies are bearing a loss of Rs. 8.37/litre on retail diesel.