Petrol prices hiked for the third time in a month

June 29, 2013: The consistent downward slide of the Indian rupee is having its impact on fuel prices. Effective midnight of July 28, State-run fuel retailers hiked petrol prices by Rs 1.82 a litre, marking the third increase in June 2013. An increase in diesel prices is expected early next week.

Oil marketing companies has on June 1 raised petrol prices by 75 paise per litre and then on June 16, further increased them by Rs 2 per litre. As a result of the latest price increase, petrol prices per litre stands increased to Rs 68.58 in Delhi, Rs 76.90 in Mumbai, Rs 71.72 in Chennai, and Rs 76.10 in Kolkata.

Indian Oil Corporation, the largest fuel retailer with a little over 50 percent market share in India, said that since the last price change (on June 16) the downward slide of the rupee has continued and the US dollar versus rupees exchange rate has deteriorated from Rs 57.08 to a dollar to Rs 58.94 during the past fortnight. Furthermore, international petrol prices have risen from $113.84 per barrel to $115.29 a barrel since the last price revision.

The details of existing and revised selling prices of petrol in rupees per litre for metros are given below: