Petrol price was on Friday hiked by 60 paise a litre, the second increase this year, and diesel by 50 paise per litre, the 14th hike since January 2013.
The hikes, effective from midnight tonight, are excluding local sales tax or VAT and actual increase will be higher and will vary from city to city.
Petrol price, which was last hiked by 91 paise on January 4, will cost Rs 73.16 a litre in Delhi from midnight tonight, up 73 paise from Rs 72.43 at present.
In Mumbai, the fuel will cost Rs 82.07 a litre as against Rs 81.31 at present.
The price of diesel in Delhi will be hiked by 57 paise, including tax, to Rs 55.48 per litre, while it will cost Rs a litre in Mumbai as against Rs 63.23 at present.
- Soon You Could Get Plastic Currency Notes: Find Out More
- Ranveer Singh and Vaani Kapoor Starrer Befikre Gets A Thumbs Up
- Supreme Court Seeks Centre’s Response Over Various Issues Regarding Demonetisation
- Defence Minister Manohar Parrikar Writes To West Bengal CM Mamata Banerjee
- Bigg Boss 10 December 8 Review: Swami Om Feels Cheated, lashes Out At Gaurav For Jail Punishment
- South Korean President Park Geun-Hye Impeached Over Corruption Scandal
- Former Air Chief SP Tyagi Arrested In VVIP Chopper Scam
- After Congress Vice President Rahul Gandhi, Liquor Baron Vijay Mallya’s Twitter Account Hacked
- Find Out What PM Narendra Modi Told Cabinet Over Demonetisation Decision
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
Announcing the price hike, Indian Oil Corp, the nation’s largest fuel retailer, said petrol price has been hiked because international oil rates have risen and rupee depreciated against US dollar, making imports costlier.
The diesel price increase is in line with the January 2013 decision of the government to raise rates by up to 50 paise per month till such time that the entire losses on the fuel are wiped out, and prices made market determined.
IOC said even after the 14th price hike since January 2013, the oil companies are incurring Rs 8.37 per litre loss on sale of the fuel.
Since January 2013, diesel rates have risen by a cumulative Rs 8.33.
Besides diesel, oil firms are losing Rs 36.34 a litre on sale of kerosene through public distribution system (PDS) and Rs 605.50 on every 14.2-kg domestic cooking gas (LPG).