The state-run oil marketing companies (OMCs) on Thursday announced reduction of Rs. 1.15 per litre in the price of petrol however hiked diesel prices by 50 paise per litre from midnight tonight. The change in petrol cost is the second reduction in the month.
The price changes announced by oil firms are excluding local excise or VAT, they announced.
Prior to that, petrol prices had since june increased seven times, totalling Rs 10.80 per litre, excluding VAT because the rupee depreciated sharply against the Dollar.
In a parallel move, diesel value was hiked by half a rupee, excluding VAT, in line with the january call of the govt. permitting oil firms freedom to raise costs in small doses each month to wipe out mounting losses.
Today's hike is the tenth since the january 17 and most of the losses on diesel sales should have been worn out by currently to create the fuel market priced. however the fall in rupee, around twenty five per cent since Apr, has worsened matters and losses raised to Rs 14.50 per litre. However, the recent firming of rupee against America dollar and monthly increases have cut these losses to Rs 9.58. Diesel rates have up by a cumulative Rs five.95 this year.
The price changes announced by oil firms are excluding local excise or VAT, they announced.
Prior to that, petrol prices had since june increased seven times, totalling Rs 10.80 per litre, excluding VAT because the rupee depreciated sharply against the Dollar.
In a parallel move, diesel value was hiked by half a rupee, excluding VAT, in line with the january call of the govt. permitting oil firms freedom to raise costs in small doses each month to wipe out mounting losses.
Today's hike is the tenth since the january 17 and most of the losses on diesel sales should have been worn out by currently to create the fuel market priced. however the fall in rupee, around twenty five per cent since Apr, has worsened matters and losses raised to Rs 14.50 per litre. However, the recent firming of rupee against America dollar and monthly increases have cut these losses to Rs 9.58. Diesel rates have up by a cumulative Rs five.95 this year.
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