Petrol price hiked by Rs 1.40 per litre

Petrol price was on Friday hiked by Rs 1.40 per litre, the second big increase in rates in as many weeks.

A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight on Friday night, said a statement by Indian Oil Corporation.

The hike is excluding local sales tax or VAT and the actual increase in rate for consumers will be higher after including the tax incidence.

The previous petrol price hike was Rs 1.50 a litre excluding VAT on February 16.

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The increase in price for consumers in Delhi will be Rs 1.68 per litre and the new rate will be Rs 70.74 a litre from Saturday as against Rs 69.06 a litre currently.

"The price increase has been necessitated by two factors -- the international gasoline (petrol) prices have increased from $128.57 per barrel to $131.00 a barrel since the

last revision; and the rupee has depreciated from Rs 53.43 to Rs 54.15 per dollar during the period," the statement said.

Petrol in Mumbai will cost Rs 77.66 a litre as against Rs 75.89 per litre currently.

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Union Budget, as it unfolded on February 28

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"The trends of international oil prices and Rupee-dollar exchange rate shall be closely monitored and the same shall be reflected in future price changes," said IOC, the nation's largest oil retailer.

Apart from losses on sale of petrol, oil firms are suffering under-recovery (revenue loss) on sale of diesel of Rs 11.26 per litre, kerosene of Rs 33.43 a litre and LPG of Rs 439 per cylinder.

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Union Budget, as it unfolded on February 28

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The loss on diesel has risen from Rs 10.72 a litre on February 16, when its rates were increased by 45 paisa excluding VAT.

IOC said it will end the fiscal with a revenue loss of Rs 86,500 crore (Rs 865 billion) on sale of diesel, LPG and kerosene.

The industry, comprising of IOC and two other state firms, will be Rs 163,500 crore (Rs 1,635 billion) during current year.

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Union Budget, as it unfolded on February 28

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Budget Impact Live!