Petrol price today hiked by a steep Rs 1.82 a litre, the third increase in rates this month, as falling rupee made imports costlier. Petrol prices went up by 75 paisa (excluding VAT) from June 1, and again by Rs 2 (excluding VAT) from June 16.
Diesel price too is likely to be raised by 40-50 paisa per litre early next week in accordance with the government mandate for small doses of increases every month.
In Delhi, the petrol price would cost Rs 68.58, up Rs 2.19 from current level of Rs 66.39. While in Mumbai, petrol price has been increased by Rs 2.30 to Rs 76.90 and in Kolkata rates went up from Rs 73.79 to Rs 76.10 per litre. In Chennai, prices were hiked by Rs 2.32 to Rs 71.72.
This week’s increases have almost negated the four reductions this year that had brought down the rates to Rs 63.01 at the beginning of May.
“Since last price change, the downwards slide of rupee has continued and USD-INR 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.