State-owned oil marketing companies on Wednesday hiked petrol prices by Rs 3.07 a litre and diesel by Rs 1.90 per litre in the national capital due to increase in international crude prices.
State-owned oil marketing companies on Wednesday hiked petrol prices by Rs 3.07 a litre and diesel by Rs 1.90 per litre in the national capital due to increase in international crude prices.
There will be a corresponding hike in other states depending upon local taxes. With this change, the price of petrol in Delhi will become Rs 59.68 a litre and Rs 48.33 per litre for diesel.
“The current level of international product prices of petrol and diesel and Rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corporation (IOC) in a statement.
Petrol price was last cut by Rs 3.02 per litre on March 1. Diesel price was hiked by Rs 1.47 a litre. The three hikes in diesel rates since February 16 total Rs 3.65 per litre.
The consumers are still to get all the benefits from the sharp drop in international oil prices to a decade low as the government on five occasions since November has raised excise duty on the two mass fuels.
The five levy hikes add up to Rs 4.02 per litre on petrol and Rs 6.97 on diesel, handing the government a neat Rs 17,000 crore as additional revenue.
Infact since the Modi government had come there has been eight hike in excise duty on petrol and diesel since November 2014.
On not passing on benefits of fall in crude prices to consumers, finance minister Arun Jaitley had earlier said in Parliament that the savings are being used for developing infrastructure to push growth and create jobs besides enabling oil marketing companies meet their losses that once stood at Rs 30,000 crore.
