The seventh increase of petrol price since June is on the back of rising oil rates and falling rupee. With this increase, petrol prices have gone up by a massive Rs. 10.80 per litre since June, excluding VAT. The price in Delhi has surged by Rs. 13.06 per litre, inclusive of State tax, since June 1.
Shares of oil marketing companies rallied in early morning trade on Monday on the back of petrol price hike by Rs 1.63 per litre. HPCL, BPCL, ONGC were up 3 percent each while IOC gained around 1.4 percent on the BSE.
The seventh increase of petrol price since June is on the back of rising oil rates and falling rupee. With this increase, petrol prices have gone up by a massive Rs 10.80 per litre since June, excluding VAT. The price in Delhi has surged by Rs 13.06 per litre, inclusive of state tax, since June 1.
IOC said average international prices of petrol had gone up to USD117.40 a barrel from USD 114.44 a barrel, while the average exchange rate had deteriorated to Rs 66.02 a dollar in September from Rs 63.88 in the second half of August.
"To give effect to these twin reasons, IOC is required to increase petrol prices by Rs 1.63 (excluding VAT) with effect from midnight of September 13-14," it said.
Oil firms had raised petrol prices by 75 paise, excluding VAT, on June 1 and followed it up with increases of Rs.2 per litre on June 16, Rs.1.82 on June 29, Rs.1.55 on July 15, 70 paise on August 1 and Rs.2.35 on September 1.
At 09:59 hrs HPCL was quoting at Rs 190.45, up Rs 3.45, or 1.84 percent, IOC was at Rs 234.95, up Rs 2.30, or 0.99 percent, BPCL was at Rs 310.00, up Rs 4.80, or 1.57 percent while was quoting at Rs 289.60, up Rs 6.85, or 2.42 percent on the BSE.
(With inputs from PTI)