For the fourth time in six weeks, oil marketing companies raised petrol price by Rs 1.55 a litre, excluding VAT effective Monday, citing the rupee fall, which lost nearly 10 percent since the beginning of the fiscal. Petrol will cost Rs 1.86 per litre more in Delhi from Monday and sell for Rs 70.44 a litre, while in Mumbai it will be retailed at Rs 78.75 a liter.
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 increase on June 29. The revision in prices, as per the practice of changing rates in line with cost every fortnight, was due on Tuesday but will be raised a day earlier.
However, there will be no change in diesel price just yet as the revision in its rate is due at the month end. With the latest increase, all of the gains made from four reductions in prices earlier this year have been neutralized. The rate cuts had brought down petrol price to Rs 63.01 at the beginning of May.
