Petrol price has been hiked by 70 paisa per litre, the fifth increase in rates in two months, and diesel by 50 paisa per litre on firming international oil prices. The increase in rates, which will be effective on Wednesday midnight, are excluding local sales tax or VAT. The actual hike will be higher and will vary from city to city. Petrol price in Delhi will go up by 84 paisa to Rs 71.28 per litre while it will cost Rs 78.61 per litre in Mumbai as against Rs 77.73 currently.
In a parallel move, they also hiked diesel rates by 50 paisa, excluding VAT, in line with the January decision of the government allowing them freedom to raise prices in small doses every month to wipe out mounting losses. Announcing the price hikes, Indian Oil Corp (IOC), the nation's largest fuel retailer, said it will end the fiscal with a revenue loss of Rs 1,28,500 crore on sale of diesel, domestic cooking gas (LPG) and kerosene. Following are the revised prices of petrol and diesel in four metros after oil firms hiked rates with effect from Wednesday midnight.
In a parallel move, they also hiked diesel rates by 50 paisa, excluding VAT, in line with the January decision of the government allowing them freedom to raise prices in small doses every month to wipe out mounting losses. Announcing the price hikes, Indian Oil Corp (IOC), the nation's largest fuel retailer, said it will end the fiscal with a revenue loss of Rs 1,28,500 crore on sale of diesel, domestic cooking gas (LPG) and kerosene. Following are the revised prices of petrol and diesel in four metros after oil firms hiked rates with effect from Wednesday midnight.
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