Petrole prices hiked Friday midnight

Petrol price from Friday midnight hiked by Rs one.63 per liter , it's seventh increase since june, on rising oil rates and falling rupee.

The increase excludes  VAT and  effective from  13th sep midnight , oil corporations aforesaid.

The fuel value in Old Delhi can go up by Rs one.96 to Rs 76.06 per liter, whereas it'll price Rs 83.63 per ltr in metropolis as against Rs 81.57 presently.

With this price hike, petrol prices have gone up by Rs 10.80 per litre since June, excluding  VAT. The price in Delhi has surged by Rs 13.06 per litre, inclusive of state tax, since June

. As announved earlier a cut in petrol prices had been expected on September 15/16, the scheduled date for fortnightly revisions, on the back of an appreciating rupee over few days.

However, the oil comapnies advanced the date and announced the increase after factoring in the rupee's depreciation in the early part of the month.

Indian Oil Corporation, the nation's largest oil firm, said average international prices of petrol have gone up to USD 117.40 a barrel from USD 114.44 a barrel while the average exchange rate has deteriorated to Rs 66.02 a dollar in Sept from Rs 63.88 a dollar in the second half of August month.

"To give effect to these twin reasons, the Corporation is required to increase petrol prices by Rs 1.63 (excluding VAT) with effect from midnight of September 13" they said.

The appreciation in the rupee during the past week "will be passed on to consumers in the next fortnight," Indian oil corp said.

Oil firms hiked petrol prices by 75 paise, excluding VAT, on June 1 and followed it with increases of Rs 2 per ltr on June 16, Rs 1.82 on June 29th, Rs 1.55 on July 15th, 70 paise on August 1st and Rs 2.35 on September 1st.

Diesel prices may soon seea hike of Rs 3-5 per ltr, kerosene of Rs 2 a ltr and LPG of Rs 50 per cylinder as the Oil Ministry looks at ways to handle a record Rs 180,000 crore of losses from the falling rupee and raising oil rates.