Petrol Prices Hiked
Petrol prices hiked by Rs 3.07 per litre, diesel by Rs 1.90
Oil marketing companies on Wednesday increased the prices of petrol
by Rs 3.07 per litre while it hiked the prices of diesel by Rs 1.90.
The new prices , which includes state levies, will come into effective midnight tonight of March 16-17.
After this hike, a litre of petrol will cost Rs 59.68/litre in Delhi; Rs 63.76 in Kolkata; Rs 65.79 in Mumbai, and Rs 59.13 in Chennai, said Indian Oil Corporation. The price of diesel per litre will be Rs 48.33 in Delhi, Rs 50.75 in Kolkata, Rs 55.06 in Mumbai and Rs.49.09 in Chennai.
“The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” the statement added.
The hike in petrol prices comes a forthnight after it was cut by Rs 3.02 per litre on February 29.
This is the first hike in petrol prices after seven consecutive reductions.
However, for diesel prices, this is the third consecutive hike. It was increased by Rs 1.47 a litre on February 29.
The new prices , which includes state levies, will come into effective midnight tonight of March 16-17.
After this hike, a litre of petrol will cost Rs 59.68/litre in Delhi; Rs 63.76 in Kolkata; Rs 65.79 in Mumbai, and Rs 59.13 in Chennai, said Indian Oil Corporation. The price of diesel per litre will be Rs 48.33 in Delhi, Rs 50.75 in Kolkata, Rs 55.06 in Mumbai and Rs.49.09 in Chennai.
“The current level of international product prices of petrol & diesel and the rupee-US dollar exchange rate warrant an increase in the price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corporation in a statement.Petrol price incresed by Rs. 3.07/litre, Diesel price increased by Rs. 1.90/litre— ANI (@ANI_news) March 16, 2016
“The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” the statement added.
The hike in petrol prices comes a forthnight after it was cut by Rs 3.02 per litre on February 29.
This is the first hike in petrol prices after seven consecutive reductions.
However, for diesel prices, this is the third consecutive hike. It was increased by Rs 1.47 a litre on February 29.
Petrol
price was increased by Rs 3.07 a litre on Wednesday, reversing its
3-month declining trend, while the rate for diesel went up by Rs 1.90
per litre.
The cost of petrol in Delhi will be Rs 59.68 per litre from mid-night tonight as against Rs 56.61 currently, and a litre of diesel will cost Rs 48.33 compared with Rs 46.43 a litre at present, said Indian Oil Corporation, the nation's biggest fuel retailer.
While the hike in petrol price turns the clock back on the declining trend since January, this is the third straight fortnightly increase in diesel rates.
Petrol price was last cut by Rs 3.02 from March 1 and Wednesday's hike has wiped off all of that. Diesel price on that day was hiked by Rs 1.47.
The three hikes in diesel rates since February 16 total Rs 3.65 per litre.
In fact, consumers are still to get all the benefits from the sharp drop in international oil prices to a decade low as the government on five occasions since November has raised excise duty on the two auto fuels.
The five levy hikes add up to Rs 4.02 per litre on petrol and Rs 6.97 on diesel, handing the government a neat Rs 17,000 crore as additional revenue.
"The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement.
State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.
The revision was due on Tuesday, but the retailers chose to defer it by a day.
"The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC added.
The cost of petrol in Delhi will be Rs 59.68 per litre from mid-night tonight as against Rs 56.61 currently, and a litre of diesel will cost Rs 48.33 compared with Rs 46.43 a litre at present, said Indian Oil Corporation, the nation's biggest fuel retailer.
While the hike in petrol price turns the clock back on the declining trend since January, this is the third straight fortnightly increase in diesel rates.
Petrol price was last cut by Rs 3.02 from March 1 and Wednesday's hike has wiped off all of that. Diesel price on that day was hiked by Rs 1.47.
The three hikes in diesel rates since February 16 total Rs 3.65 per litre.
In fact, consumers are still to get all the benefits from the sharp drop in international oil prices to a decade low as the government on five occasions since November has raised excise duty on the two auto fuels.
The five levy hikes add up to Rs 4.02 per litre on petrol and Rs 6.97 on diesel, handing the government a neat Rs 17,000 crore as additional revenue.
"The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement.
State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.
The revision was due on Tuesday, but the retailers chose to defer it by a day.
"The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC added.
Petrol Prices Hiked
![Petrol Prices Hiked]()
Reviewed by Unknown
on
11:41:00
Rating:
No comments: