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.