Oil companies on Wednesday hiked the price of petrol by 70 paise per litre, without taxes on firming international oil prices. The price of diesel was also raised by 50 paise per litre without taxes.
The new prices will take effect from today (01-08-2013).
After the revision, petrol prices in Delhi would be Rs. 71.28 per litre and diesel would be Rs. 51.40 per litre; in Mumbai petrol prices would be Rs. 78.61 per litre and diesel would be Rs. 58.23 per litre; in Kolkata petrol would cost Rs. 78.64 per litre and diesel Rs. 55.74 per litre; in Chennai petrol would cost Rs. 74.49 per litre and diesel Rs. 54.76 per litre.
This is the fifth hike in petrol prices in two months, whereas diesel prices have been hiked seven times since January 17.
Since June, the prices of petrol have gone up by a cummulative Rs. 6.82 per litre, while diesel prices have cummulatively gone up by Rs. 3.75 this year.
Oil firms review the price of petrol every two weeks. While petrol price has been deregulated since June 2010 and the price is market determined, the government still controls the price of diesel, and allows only minor revisions.
Before this, petrol prices were hiked by Rs. 1.55 a litre on July 14.
The value of rupee against the dollar plays an important role in the price of fuel, as oil companies buy crude in dollars. The rupee closed at 60.40 on Wednesday and has been the worst performing Asian currency, falling almost 10 per cent in the last three months.
The currency had hit a record low of 61.21 on July 8.