The depreciation value of rupee against Dollar has made imports costlier, which leads to price hike of the essential products. Yesterday, the Oil marketing companies has increased the petrol prices by Rs. 1.82 a litre, the third successive increase in rates this month. Moreover, it is also expected that OMCs will also increase the diesel rates by early next week.
The increase of Rs. 1.82 is not an actual high, after inclusion of VAT it will vary from city to city depending on local taxes. Now, the petrol price in capital is Rs. 68.58, which earlier cost Rs. 66.39 a litre. This is the third increase in rates this month. The OMCs had increased the priced by 75 paisa on June 1, and followed by Rs. 2 per litre increase on June 16.
The Indian government de-regulated the petrol and diesel prices, and now the revision in prices is based on the International markets. Diesel price too is expected to be hiked by 40-50 paisa per litre by next week on account of government approval for partial increase of diesel prices every month, until all the losses are recovered.
“Since last price change, the downwards slide of rupee has continued and USD-INR exchange rate has deteriorated from Rs. 57.08 to a U.S. dollar to Rs. 58.94 during the fortnight,” Indian Oil Corp (IOC) said announcing the increase in rates. The international petrol prices have also increased from $113.84 per barrel to $115.29 a barrel.
Petrol prices in Major Cities
Mumbai - 76.90
Kolkata - 76.10
Chennai - 71.72
Delhi - 68.58
Jaipur - 71.40