Petrol and Diesel prices will go up all over India on Thursday. The hike will vary from city to city as it excludes local taxes. The reason behind the increase in the prices of petrol and diesel is the rising international crude oil rates.
Petrol prices have been hiked by 88 paise per litre and diesel by 62 paise per litre. This is the fifth time in two months that price of Petrol and Diesel has been raised.
On 1 June 2013, prices were hiked by 75 paise, excluding VAT. On 16 June 2013, prices were hiked by Rs 2 per litre. On 29 June 2013, prices were hiked by Rs. 1.82 and on 15 July 2013 they went up by Rs 1.55.
From Thursday the petrol price in Delhi will go up by 84 paisa to Rs 71.28 per litre. Diesel price in Delhi will be up by 56 paisa to Rs 51.40 per litre.
In Mumbai Petrol will cost Rs 78.61 per litre and diesel will cost Rs 58.23.
Cabinet allowed oil companies to raise diesel prices by 50 paise every month from January 17 this year till pump prices are aligned with international market rates.
Even after the current increase, revenue loss on retail diesel sale is at Rs 9.29 per litre.
India imports 80% of crude oil it processes and pays in dollar.
International price of petrol has also gone up from $117.19 per barrel to $120.05 per barrel.
On the other hand the rupee-dollar exchange rate has depreciated from Rs 60.03 per dollar to 60.70 or 61.03 per dollar.
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