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Petrol Price Hiked by Rs 1.69 a Litre, Diesel by 50 Paise

India TV Business Desk 01 Jul 2014, 8:37:04 IST
India TV Business Desk
New Delhi: Oil marketing firm Indian Oil Corporation has hiked petrol prices by Rs 1.69 per litre and Rs 0.50 per litre for diesel, with effect from midnight of June 30. The prices are exclusive of state levies.

IOC said even after the current hike, the under recovery on retail diesel stands at Rs 3.40 per litre.

“Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks,” IOC said in a statement. “The international prices of MS have increased by more than $4 per barrel and the INR-USD exchange rate has also deteriorated. The combined impact of both these factors warranted an increase in petrol prices,” the statement added.

Prices of retail diesel have been increased every month by Rs 0.50 per litre every month since January 2013.

“For the year 2014-15, the corporation is expected to incur under-recovery of around Rs 56,550 crore on the sale of three sensitive products,” the company said in a statement.