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October 20, 2017

Second hike in petrol, diesel prices within a fortnight


Newsroom24x7 Staff

oil price hikeNew Delhi: People across India received a huge shock on Friday evening as Petrol and diesel prices were hiked for the second time within a fortnight. Petrol prices were raised today by 3.13 per litre and diesel prices by Rs 2.71 per litre.

Since taxes and levies differ from state to state, people will have to shell out much more than what has been projected by oil companies in terms of the latest price hike.

A statement by Indian Oil today said:

It has been decided to effect the following price changes with effect from midnight of 15th / 16th May, 2015:

• Increase in Retail Selling Price of Petrol by Rs. 3.13/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Petrol in Delhi will become Rs. 66.29/litre.

• Increase in Retail Selling Price of Diesel (Retail) by Rs. 2.71/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Diesel in Delhi will become Rs. 52.28/litre.

Prices of Petrol and Diesel were last revised w.e.f. May 1, 2015. Since last price change, there has been a steep increase in international prices of both Petrol & Diesel. INR-USD exchange rate has also depreciated quite significantly during this period. Combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to the consumers with this price increase.

The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes

In contrast, the Union Ministry of Petroleum and Natural Gas today said in a statement that The international crude oil price of Indian Basket as computed/published today (May 14, 2015) by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 64.88 per barrel (bbl). This was lower than the price of US$ 65.70 per bbl on previous publishing day of May 13, 2015.

In rupee terms, the price of Indian Basket decreased to Rs 4141.94 per bbl on May 14 as compared to Rs 4217.28 per bbl on May 13. Rupee closed stronger at Rs 63.84 per US$ on May 14 as against Rs 64.19 per US$ on May 13. The table below gives details in this regard:

Particulars Unit Price on May 14, 2015(Previous trading day i.e. 13.05.2015) Pricing Fortnight for 01.05.2015

(April 11 to April 28, 2015)

Crude Oil (Indian Basket) ($/bbl) 64.88              (65.70) 60.30
(Rs/bbl 4141.94          (4217.28) 3789.86
Exchange Rate (Rs/$) 63.84              (64.19) 62.85

 

 

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