Petrol prices have been increased by Rs 1.63 a litre, excluding State levies, from Friday midnight, Indian Oil Corporation Ltd said. On September 1, petrol prices were increased by Rs 2.35 a litre.

In Delhi, the fuel will cost Rs 76.06 a litre after the latest revision, with the auto fuel prices up by nearly Rs 4.78 a litre in the past one month.

During first fortnight of September, average global petrol prices (Singapore benchmark) have gone up from $114.44 a barrel to $117.40 a barrel. The average rupee-dollar exchange rate has also depreciated from Rs 63.88 to Rs 66.02.

As a result, the company is required to increase petrol prices by Rs 1.63 (excluding VAT), IOC explained.

However, the company said, should the recent trend of stabilisation and appreciation of rupee-dollar exchange rate continue and international petrol prices also not move adversely, the beneficial effect of the same will be passed on to the consumers in the next fortnight.

In addition, IOC is suffering a loss of Rs 14.50 a litre for selling diesel below market cost and Rs 36.83 a litre for kerosene sold under the public distribution system.

(This article was published on September 13, 2013)
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