Petrol, diesel prices hiked

January 04, 2014 - 4:33:15 am

 

New Delhi: Petrol and diesel prices will go up by 75 paise and 50 paise a litre, excluding taxes, from midnight yesterday, state-run oil marketing company Indian Oil Corporation (IOC) said.

“Indian Oil Corporation has decided to effect increase in the retail selling price of petrol by Re.0.75 per litre excluding state levies (and), increase in retail selling price of diesel by Re.0.50 per litre excluding state levies,” India’s largest oil marketing company (OMC) said in a statement.

According to IOC, it had to hike prices due to volatility in the rupee value and hardening of international motor spirit (MS) prices in the international market. 

“Since the last price change, international prices of MS have increased and the rupee-dollar exchange rate has depreciated. There is a continued volatility in the international oil prices because of geopolitical and economic developments around the globe.” 

The three state-run OMCs, which review prices of diesel and petrol every fortnight, last increased petrol and diesel price late last month. After adjusting the upward revision, diesel will cost be Rs.53.34 in Delhi, Rs.58.76 in Kolkata, Rs.61.42 in Mumbai and Rs.57.93 in Chennai. 

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