New Delhi: The government on Friday announced to hike Petrol price by Rs 1.40 per litre, with effect from Friday midnight. The hike is excluding local sales tax or VAT and the actual increase in rate for consumers will be higher after including the tax incidence.

READ MORE: Oil companies again hike fuel prices

The decision comes a day after Union Budget 2013-14 was presented in the Parliament. Recently, on February 15, petrol price was hiked by Rs 1.50 per litre and diesel by 45 paise a litre.

A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from Friday midnight, said a statement by Indian Oil Corporation (IOC).

The increase in price for consumers in Delhi will be Rs 1.68 per litre and the new rate will be Rs 70.74 a litre from Saturday as against Rs 69.06 a litre currently. "The price increase has been necessitated by two factors -- the international gasoline (petrol) prices have increased from USD 128.57 per barrel to USD 131.00 a barrel since the last revision; and the rupee has depreciated from Rs 53.43 to Rs 54.15 per US Dollar during the period," the statement said.

Petrol in Mumbai will cost Rs 77.66 a litre as against Rs 75.89 per litre currently. "The trends of international oil prices and Rupee-USD exchange rate shall be closely monitored and the same shall be reflected in future price changes," said IOC, the nation's largest oil retailer.

Apart from losses on sale of petrol, oil firms are suffering under-recovery (revenue loss) on sale of diesel of Rs 11.26 per litre, kerosene of Rs 33.43 a litre and LPG of Rs 439 per cylinder. The loss on diesel has risen from Rs 10.72 a litre on February 16, when its rates were increased by 45 paisa excluding VAT.

REVISED RATES: Following are the revised prices of petrol at Indian Oil Corp (IOC) petrol pumps in four metros with effect from Friday midnight. Rates at pumps of Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) vary by a few paisa.
City Current price Revised price Increased price
Delhi Rs 69.06 Rs 70.74 Rs 1.68
Kolkata Rs 76.59 Rs 78.34 Rs 1.75
Mumbai Rs 75.89 Rs 77.66 Rs 1.77
Chennai Rs 72.17 Rs 73.95 Rs 1.78
(All Rates in Rs/litre)


Reactions on petrol price hike
Petrol prices have been put on fire by the UPA government and the people in turn will put their votes on fire," he said, adding that the petrol hike amounted to "betrayal" with the public: BJP spokesperson Shahnawaj Hussain
It (hike in petrol price) was announced conveniently on a weekend. Trinamool Congress will oppose this in Parliament on Monday: TMC MP Derek O'Brien
I wish to tell the government that if it goes ahead with troubling-the-people-is-a-norm' approach, they will shed tears unable to tolerate the atrocity which will become a tool that will destroy the central government: TN CM Jayalalithaa
If it is the multi-national companies which will decide on the prices, why do we need a government at the Centre?: SAD’s Sukhbir Singh Badal


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It (hike in petrol price) was announced conveniently on a weekend. Trinamool Congress will oppose this in Parliament on Monday: TMC MP Derek O'Brien