Petrol price hiked by Rs 2.35 per litre, diesel by 50 paise

Mangalore Today News Network

New Delhi, Aug 31, 2013: Oil companies today hiked the price of petrol by Rs. 2.35 per litre, without taxes on firming international oil prices and the free-falling rupee. The price of diesel was also raised by 50 paise per litre.

The new prices will take effect from midnight. This is a sixth hike in petrol prices in two months, whereas diesel prices have been hiked eight times since January 17.

 

Before this hike, since June, the price of petrol has gone up by a cumulative Rs. 6.82 per litre, while diesel prices have gone up by Rs. 3.75 this year.

Oil firms review the price of petrol every two weeks. While the price of petrol has been deregulated since June 2010 and the price is market determined, the government still controls the price of diesel and allows only minor revisions.

Petrol prices were last hiked by 70 paise per litre, and diesel by 50 paise per litre, on July 31

The rupee, which plays an important role in the price of fuel as oil companies buy crude in dollars, hit an all-time low of 68.85 on August 28 and has been the worst performing Asian currency lately, falling over 15 per cent in the last three months.