The prices of petrol in India have been increased by Rs. 1.63 per liter. This is the seventh hike since June 2013, due to rising oil rates and the falling Indian rupee. The hike excludes local sale tax or VAT and will come into effect from midnight on September 15, 2013.
After the hike, petrol prices in Delhi will go up by Rs 1.96 to Rs. 76.06 per liter and they will cost Rs. 83.63 in Mumbai, against the current Rs. 81.57. After the recent hike, petrol prices have gone up by a massive Rs. 10.80 per liter since June 2013, excluding VAT. Meanwhile, the price in Delhi has surged by Rs. 13.06 per liter, which is inclusive of State tax since June 1, 2013.
It was expected that the prices of petrol will be cut on September 15, 2013 or September 16, 2013, as the fortnightly revisions were due on the back of an appreciating Indian rupee over the past few days. However, the oil firms advanced the date instead and announced the increase after factoring in the Indian rupee’s depreciation in the early part of September 2013.
The appreciation in the Indian rupee during the past one week will be passed on to consumers in the next fortnight.
Photo Credits: Indian Server