Tuesday 07 July 2020

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Economy | Market

Petrol hiked by Rs 1.55 again

 

Petrol price was today hiked by a steep Rs 1.55 a litre, the fourth increase in rates in six weeks, as falling rupee made oil imports costlier.

Oil companies raised petrol rates by Rs 1.55 a litre, excluding local sales tax or VAT, with effect from midnight.

Actual increase will be higher and will vary from city to city depending on local taxes.

Petrol price in Delhi has been hiked by Rs 1.86 per litre to Rs 70.44, effective tomorrow, as against Rs 68.58 currently.

This is the fourth increase in rates since June. Oil firms had on June 1 raised prices by 75 paisa, excluding VAT, and followed it with a Rs 2 per litre increase on June 16 and a Rs 1.82 on June 29.

The revision in prices, as per the practice of changing rates in line with cost every fortnight, was due on Tuesday July 16 but will be raised a day earlier.

However, there will be no change in diesel prices just yet as the revision in its rates are due at the month end.

With the latest increase, all of the gains made from four reductions in prices earlier this year had been neutralised. The rates cuts had brought down the price to Rs 63.01 at the beginning of May.






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