For the second time this month and fourth time this fiscal the public sector oil companies have increased the price of petrol.
These companies have increased the retail selling price of petrol with effect from midnight tonight by Rs 1.82/litre (excluding VAT).
With this increase, petrol in Delhi will be sold at Rs 68.58/litre. The increase varies from State to State depending on local levies.
While the increase in Delhi at the retail end is of Rs 2.19/litre, Mumbai it is Rs 2.30/litre, Kolkata Rs 2.31/litre, and Chennai Rs 2.32/litre.
In a statement, Indian Oil Corporation said prices of petrol were last revised on June 16 mainly on account of depreciation of the rupee. Since the last price change, the rupee’s slide has continued and dollar-rupee exchange rate has deteriorated from Rs 57.08/dollar to Rs 58.94/dollar during the fortnight.
Further, international petrol prices have also increased from $113.84/bbl to $115.29/bbl since last price change. The combined impact of both these factors, predominantly of rupee depreciation, has warranted the increase in MS prices by Rs 1.82/litre (excl. VAT).
The movement in international oil markets and INR-USD exchange rate is being closely monitored and developing trends of the market will be reflected in future price changes.