Diesel prices hiked Ninth time in 2013

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Indian Oil Corporation has announced the reduction in price of petrol and increase in price of diesel from midnight Monday. The Petrol price will cost Rs. 3.05 Less per litre excluding state taxes and diesel raised by 50 paisa per litre. The reason behind this reduction is due to value of the rupee has been increased and simultaneously reduction in international motor spirit prices.

IOC said, they are been asked by the government to rise the diesel by 50 paisa per litre every month.

Petrol price were recently increased by Rs.1.63 per litre on September 14, 2013 by the Oil Marketing companies and diesel by 50 paisa per litre.

Approximate prices of Petrol in metro cities

Petrol Prices	Current	New
Delhi	76.06	72.40
Mumbai	83.63	79.49
Chennai	82.56	79.51
Kolkata	78.73	75.68

Diesel hike is the 9th hike in this year and by now the companies should have recovered the losses. However the fall in rupee has deteriorated the situation. The Diesel rates have approximately risen by Rs.5.39 this year.

Approximate prices of Diesel in metro cities

Diesel Prices	Current	New
Delhi	51.97	52.54
Mumbai	58.86	59.46
Chennai	56.40	56.90
Kolkata	55.51	56.01

In parallel to the diesel price hike the Oil firms has also increased the rates of LPG by Rs.71.50 per 14.2kg cylinder to Rs.1004 in Delhi.

IOC also said, “they are thoroughly monitoring rupee-dollar exchange rates and international oil prices, the outcome of both will be reflected in future price changes”.

Image sources: http://www.iocl.com/NewImages/Thumbnails/ConsumerPumps.jpg