The price of petrol jumps third time in this month as from Friday midnight petrol prices rose by Rs.1.82 per litre excluding taxes.
India's biggest Oil Marketing Company (OMC) Indian Oil Corporation (IOC) informed that the reasons behind price rise are the continuous fall of rupee in the international market and hardening of crude oil price.
"Since the last price change, the downwards slide of rupee has continued and USD-INR exchange rate has deteriorated to Rs.58.94 per the US dollar during the fortnight. Further, international MS prices have also increased since the last price change," IOC said.
This is the third increase in petrol prices this month. The fuel price was hiked by Rs.0.75 per litre June 1, and Rs.2 per litre June 15.
Allowing for local taxes, the new price of petrol per litre will be Rs.68.58 in Delhi, Rs.76.10 in Kolkata, Rs.76.90 in Mumbai and Rs.71.71 in Chennai.
According to IOC, the depreciating rupee coupled with high international MS (motor spirit) prices have also resulted in the rise of under-recoveries incurred on the sale of sensitive products like diesel, LPG (liquefied petroleum gas) and kerosene.
"Estimated under-recovery of the corporation (IOC) on sale of these three sensitive products is expected to be around Rs.63,000 crore for the fiscal 2013-14," it added.
--With IANS Inputs--
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