New Delhi:
Petrol price was hiked on Friday by Rs. 1.82 a litre, effective midnight, the third increase in rates this month, as devaluation of rupee against US dollar made imports costlier.
The hike, which is effective from midnight, is excluding local sales tax or value added tax (VAT) and actual increase for consumers will be higher.
After the revision, petrol prices in four major cities stand as follows: Delhi- 68.58 per litre; Kolkata- Rs. 76.10; Mumbai- Rs. 76.90; Chennai- Rs. 71.71.
This is the third increase in rates this month. Oil firms had from June 15 hiked prices by Rs. 2 excluding VAT and before that 75 paise from June 1 onwards.
Earlier this week, the rupee breached the psychological level of 60 against the US dollar. However by Friday it had recovered to 59.38.
"Since last price change, the downwards slide of rupee has continued and USD-INR (dollar-rupee) exchange rate has deteriorated from Rs. 57.08 to a US dollar to Rs. 58.94 during the fortnight," Indian Oil Corp (IOC) said announcing the increase in rates.
Further, international gasoline (petrol) prices have also increased from $113.84 per barrel to $115.29 a barrel
since last price change.
Oil marketing companies review fuel prices every fortnight.