This time the increased price of petrol will come into effect from 12 a.m on March 2. The increase announced is excluding local sales tax or VAT and the actual hike for consumers would be more after the incidence of duty is included.
Fuel prices were last revised on Feb 16 when the price of petrol was hiked by Rs 1.50 per litre and that of diesel by 45 paise. Earlier on Jan 18 petrol price was slashed by 30 paise to Rs 67.26 a litre in Delhi.
The revision of rates is due to the recent decision by the government to give oil firms freedom to raise petro-products prices in small monthly dozes to eliminate the losses on the fuel trade front.
Citing high international crude prices and a falling rupee for the action, spokesperson of Indian Oil was quoted as saying, "International prices have increased from $128.57 a barrel to $131.00 a barrel since the last revision, and the rupee has depreciated from Rs 53.43 to Rs 54.15 per US dollar during the period."
Cost of petrol in major cities in India:
Delhi -Rs 70.46/litre
Kolkata - Rs 77.99/litre
Mumbai - Rs 77.29/litre
Chennai - Rs 73.57/litre