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Economy Jul 14, 2013

Petrol prices hiked by Rs 1.55 a litre thanks to weak rupee

New Delhi: Petrol price was hiked by asteep Rs 1.55 a litre, the fourth increase in rates in sixweeks, as falling rupee made oil imports costlier.

Oil companies raised petrol rates by Rs 1.55 a litre,excluding local sales tax or VAT, with effect from midnight. Actual increase will be higher and will vary from city tocity depending on local taxes.

Petrol price in Delhi has been hiked by Rs 1.86 per litreto Rs 70.44, effective tomorrow, as against Rs 68.58 currently. In Mumbai, consumers will have to pay Rs 77.73 for a litre of petrol.

Reuters

Reuters

This is the fourth increase in rates since June. Oilfirms had on June 1 raised prices by 75 paisa, excluding VAT, and followed it with a Rs 2 per litre increase on June 16 anda Rs 1.82 on June 29.

The revision in prices, as per the practice of changingrates in line with cost every fortnight, was due on Tuesday 16 July, but will be raised a day earlier.

However, there will be no change in diesel prices justyet as the revision in its rates are due at the month end. With the latest increase, all of the gains made from fourreductions in prices earlier this year had been neutralised.

The rates cuts had brought down the price to Rs 63.01 at thebeginning of May.

PTI

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