Petrol price hiked by Rs 1.55 a litre from tonight India Today Online New Delhi, Sunday, July 14, 2013 | 17:26 IST HOME Indian oil companies have hiked the petrol pices by Rs. 1.55 per litre effective tonight, without taxes. The price of diesel have been kept unchanged. The petrol price has been deregulated since June 2010 and is determined by the market price. The government however, continue to control the price of diesel. It was on June 28, when petrol priceswas hiked by Rs 1.82 per litre, excluding taxes due to the fall in the value of the rupee and hardening of crude prices in international market. "Since the last price change, the downwards slide of rupee has continued and USD-INR exchange rate has deteriorated to Rs 58.94 per the US dollar during the fortnight. Further, international MS prices have also increased since the last price change," state-run Indian Oil Corporation (IOC) had said. Earlier, the fuel price was hiked by Rs0.75 per litre on June 1, and Rs 2 per litre on June 15. According to IOC, the depreciating rupee coupled with high international MS (motor spirit) prices have also resulted in the rise of under-recoveries incurred on the saleof sensitive products like diesel, LPG (liquefied petroleum gas) and kerosene. "Estimated under-recovery of the corporation (IOC) on sale of these three sensitive products is expected to be around Rs 63,000 crore for the fiscal 2013-14," it had in the earlier statement.
Posted on: Sun, 14 Jul 2013 12:27:15 +0000
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