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The three state-owned oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — have decided to increase petrol prices by 75 paise a litre and diesel prices by 50 paise with effect from midnight.
The retail selling price of petrol in Delhi now would be Rs 63.99 a litre, while that of diesel would be Rs 50.25 a litre.
“Prices of petrol were last revised downwards on May 1 by Rs 2.50 a litre. The current increase is required mainly due to depreciation of the rupee from Rs 54.26 a dollar to Rs 55.32,” IndianOil Corporation (IOC) said in a statement. The oil marketing companies (OMCs) slashed the price of non-subsidised liquefied petroleum gas (LPG) by Rs 45 per cylinder. In Delhi, it will cost Rs 802 per cylinder compared to Rs 847 earlier.
The Centre had gone for phased decontrol of diesel prices on January 17 this year and OMCs were authorised to increase its retail selling price of the fuel by 50 paise every month until further orders.
According to IOC, even after the hike, under-recovery on diesel is Rs 4.87 a litre.
The under-recovery on kerosene is Rs 27.75 a litre and LPG at Rs 334.50 a cylinder.
OMCs have revised diesel prices seven times since the decontrol measure was taken.
