Moneycontrol Bureau
Oil marketing companies have increased both petrol and diesel prices by 75 paise per litre and 50 paise per litre respectively effective from midnight today following sharp depreciation in rupee,Indian Oil Corp said today.This is the first petrol hike in 3 months and fifth hike in diesel price since the fuel was partially deregulated by government in January.
Petrol prices were last increased on March 1. Since then, petrol prices have been cut four times on falling global oil prices. Petrol prices were cut by Rs three per litre on May 1, Rs 1.20 on April 16, Re one on April 1 and Rs 2.40 on March 16.
Diesel price was last hiked on May 11, by 90 paisa a litre after the companies skipped raising rates in April to avoid troubles for the government during the Budget session of Parliament. This was the fifth diesel price hike since the government deregulated diesel price in January. Despite these previous prices hikes oil firms are losing Rs 4.87 per litre, IOC said.
Below mentioned are the revised prices of both the fuel in Metros.
| Petrol prices | Diesel prices | |||
Metros | Old rates | New rates | Old rates | New rates |
| Mumbai | 69.73 | 70.68 | 56.02 | 56.66 |
| Delhi | 63.09 | 63.99 | 49.69 | 50.25 |
| Kolkata | 70.35 | 71.29 | ||
| Chennai | 65.9 | 66.85 |
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