The Indian Oil Corp has hiked petrol prices by Rs 1.63 per litre effective midnight. The price hike is exclusive of the value added tax (VAT).
IOC has quoted reasons of a steep fall seen in the Indian rupee in the recent days as well as a surge in global crude prices.
It added that the company is facing a revenue loss of Rs 14.50 per litre on the sale of diesel and the FY14 revenue loss on subsidised fuel is seen at Rs 82,000 crore.
However, the recent positivity seen on the currency has not gone unnoticed by the oil marketing company, who has said that it will pass on the benefit to customers if the Indian currency continues to rise in the days to come. The domestic currency has depreciated close to 13 percent since June this year. Brent crude prices have surged 11 percent in the same period.
This is the seventh increase in rates since June and in all petrol prices have gone up by a massive Rs 10.80 per litre, excluding VAT.
Following are the revised prices of petrol in four metros after oil firms hiked rates with effect from midnight tonight:
|Metro||Current Price (Rs/litre)||Revised Price (Rs/litre)||Increase (Rs)|