New Delhi/February 15
Prices of petrol were hiked by Rs 1.50 a litre and diesel prices by 45 paise a litre which will be effective from midnight Friday.
As per the statement issue by Indian Oil Company (IOC), prices of diesel and petrol have been hiked due to uptrend in the prices of the international crude oil. The price hike announced is excluding local sales tax or VAT and the actual price will be more after including these duties in respective states. Petrol price was last revised on January 18 when the price was cut by 30 paise per litre.
The statement further added that the Crude oil price has increased from USD 109.08 per barrel to USD 113.24, while international gasoline or petrol prices have risen from USD 119.59 a barrel to USD 128.57. “The Corporation has been compelled to pass on the increase in prices to consumers as the Corporation has already suffered losses on sale of petrol so far and trends in international oil market as well as INR-USD exchange rate indicate continued strength. Projected under-recovery of IOC on three sensitive products is expected to cross Rs 86,000 crore and of the industry (IOC plus BPCL and HPCL) beyond Rs 1,63,000 crore during current year,” added the statement.