New Delhi,
The state-run oil marketing companies (OMCs) on Thursday announced reduction of Rs. 1.15 per litre in price of petrol but hiked diesel prices by 50 paise per litre from midnight tonight.
The price changes announced by oil companies are excluding local sales tax or VAT, OMCs said in a statement here. Petrol price in Delhi will be cut by Rs. 1.38 to Rs. 71.02 per litre, while it will cost Rs.78.04 a litre in Mumbai as against Rs. 79.49 currently. On Oct. 1 the price was cut by Rs. 3.05 per litre (Rs. 3.66 after including VAT).
Prior to that, petrol prices had since June risen seven times, totalling Rs. 10.80 per litre, excluding VAT (Rs. 13.06 after including state tax) as the rupee depreciated sharply against the dollar.
Diesel price was hiked by 50 paise, excluding VAT, in line with the January decision of the government allowing OMCs freedom to raise price every month to wipe out mounting losses. The diesel price in Delhi has been hiked by 56 paise to Rs. 53.10 per litre while it would cost Rs. 60.08 in Mumbai from Friday as compared to Rs 59.46 currently.
Today's hike is the 10th since the January 17 and most of the losses on diesel sales should have been wiped out by now to make the fuel market priced. However, the fall in rupee, around 25 per cent since April, has worsened the situation and losses mounted to Rs. 14.50 per litre. However, the recent firming of rupee against US dollar and monthly increase have brought down losses to Rs. 9.58. Diesel rates have risen by a cumulative Rs. 5.95 this year.
Following are the revised prices of petrol and diesel in four metros after oil firms revised rates.
Petrol prices (in Rs.):
Current Revised Decrease
Delhi 72.40 71.02 1.38
Kolkata 79.51 78.07 1.44
Mumbai 79.49 78.04 1.45
Chennai 75.68 74.22 1.46
Diesel prices (in Rs.):
Current Revised Increase
Delhi 52.54 53.10 0.56
Kolkata 56.90 57.49 0.59
Mumbai 59.46 60.08 0.62
Chennai 56.01 56.61 0.60
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