For the third time in this month, petrol price has been hiked by ₹1.82 per litre, excluding Value Added Tax (VAT). It will be effective from midnight of 28th / 29th June 2013.
The fuel price was hiked by ₹0.75 per litre on 1 June and ₹2 per litre on 15 June. The third hike is due to the fall in the value of rupee and rising price of fuel in international market, state-run Indian Oil Corporation (IOC) said.
"Since last price change, the downwards slide of Rupee has continued and USD-INR exchange rate has deteriorated from Rs. 57.08/USD to Rs. 58.94/USD during the fortnight," IOC said in a news release.
"Further, international MS prices have also increased from $113.84/bbl to $115.29/bbl since last price change. The combined impact of both these factors, predominantly of Rupee depreciation, has warranted the increase in MS prices by Rs. 1.82/litre (excl. VAT)."
Here is the revised prices of one litre petrol in all four major cities
Cities Current Price Revised Price Hike by
Delhi ₹66.39 ₹68.58 ₹2.19
Kolkata ₹73.79 ₹76.10 ₹2.31
Mumbai ₹74.60 ₹76.90 ₹2.30
Chennai ₹69.39 ₹71.71 ₹2.32
Diesel Prices Hike
Diesel prices are also likely to be hiked by 40-50 paisa per litre early next week. The government had earlier authorised state-owned oil firms to increase the price of diesel by 50 paise per litre every month until the entire losses on the fuel are wiped out, according to a Press Trust of India report. Since January, the diesel prices have been hiked every month. The last hike was done on 1 June. The next hike is expected in the first week of July.