Petrol dearer by 75 paise, diesel 50
Saturday, 04/01/2014
http://www.tribuneindia.com/2014/20140104/biz.htm#3
New Delhi: Petrol prices were hiked by 75 paise and diesel by 50 paise per litre due to an increase in global crude oil prices and a fall in the rupee value.
The hikes, effective midnight tonight, are excluding local sales tax or VAT and the actual increase will be higher and vary from city to city.
Petrol prices, which were last hiked by 41 paise excluding VAT on December 21 as the government raised commissioned paid to petrol pump dealers, will cost Rs 72.43 a litre in Delhi from midnight, up 91 paise from Rs 71.52 currently.
Diesel prices in Delhi will be hiked by 56 paise, including tax, to Rs 54.34 per litre, while it will cost Rs 61.42 a litre in Mumbai as against Rs 60.80 currently.
The diesel price increase is in line with the government (January 2013) decision to raise rates by up to 50 paise per month till the time the entire losses on the fuel are wiped out, and the prices made market determined.
Announcing the price hike, Indian Oil Corp, the nation’s largest fuel retailer, said even after the 12th price hike since last January, the oil companies were incurring Rs 9.24 per litre loss on the fuel sale. Officials said the price revision was due on January 1, but it was put off due to the New Year considerations.
Since last January, diesel rates have risen by a cumulative Rs 7.19 this year.
