New Delhi: Oil companies climbed today the price of gasoline by a steep Rs 1.55 per liter, excluding taxes, such as falling rupee made imports more expensive. The diesel price remained unchanged.The new price will apply from midnight on Sunday.
Real increase will be higher and varies from city to city depending on local taxes.
Petrol price in Delhi has been hiked from Rs. Rs 1.86 per liter. 70.44, from Monday, compared to Rs. 68.58 today.
This is the fourth rate hike in June, and thanks to the devaluation of the rupee against the dollar.
The oil companies had the first June raised petrol prices by 75 paise, excluding VAT, and followed him with a Rs 2 per liter increase in the June 16 and Rs 1.82 on 29 June.
The rupee, which plays an important role in gas prices, ended 59.56/57 to the dollar last week.
(Read: Rupee ends at 59.56, break nine days of losses)
Indian Oil, in a statement on its Web site on Sunday, said the increase is due to "the combined effects of the deterioration of the exchange rate and the rise in international oil prices."
"Since the last price change the downward spiral of the rupee 60.03 has against the dollar to continue to reach to a minimum of Rs. Per dollar, compared to Rs 58.94 per dollar in the previous weeks. Moreover, international prices of MS also an upward trend have shown and increased from $ to $ 115.29/bbl 117.19/bbl, "he said.
The revision of prices, according to the practice of changing prices based on costs every two weeks, was on Tuesday, 16 July, but it was a day early.
However, there is no change in the price of diesel fuel at the moment as the revision of rates is at the end of July.
With the latest increase profits of all four price reductions made this year was neutralized. Price cuts had reduced the price of Rs. 63.01 in early May.
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