February 16th, 2013

Petrol to cost Rs 1.50 more; Diesel 45 paise

NEW DELHI: The Oil Marketing companies have decided  to increase the prices of petrol and diesel from midnight  tonight.
The selling prices of petrol will be up by Rs 1.50 a litre and the diesel will be up by 45 paise excluding VAT, Indian Oil Sources said.
The petrol prices were last revised downward by  Rs 0.25/litre (excl VAT) on January 18 and since then international oil prices have constantly shown an uptrend, the IOC said in a statement.
The crude oil prices has increased from 109.08 dollars/bbl to 113.24 dollars/ bbl, while International MS prices have increased from 119.59 dollars/bbl to 128.57 dollars/bbl.
The Rupee and the US dollar exchange rate had improved from  Rs 54.78 to Rs 53.43 per per dollar during the period.
The OMCs were compelled to pass on the increase in MS prices  to consumers as the Corporation has already suffered losses on sale of MS so far and trends in international oil market as  well as INR-USD exchange rate indicate continued strength.

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