Petrol and Diesel get costlier by 75 paisa and 50 paisa respectively

Oil marketing companies on Friday increased the prices of petrol and diesel by 75 paisa and 50 paisa per litre, respectively. A month ago, the OMC's reduced the petrol prices by Rs. 3 per litre, which was the highest cut in the price of petrol in over five years. After the government approval for the partial hike (45-50 paisa per litre) of diesel prices until all the losses wiped out, this has been the fifth hike in the price of diesel since January.

The fall of Indian rupee value against the US dollar, has forced the oil marketing companies to increase the fuel prices, as they buy crude in the American currency. Yesterday, the rupee ended at 56.49 against US dollar, which is also the 11 month low. However, the oil companies have cut down the petrol prices four times since March, before this hike. OMCs review the fuel prices in every two weeks, as the petrol price has been de-controlled since June 2010 and now the prices are market determined.

The Revised Petrol and diesel prices in major cities -

Delhi - 63.99 per litre and 50.25 per litre
Kolkata - 71.29 per litre and 54.56 per litre
Mumbai - 70.68 per litre and 56.66 per litre
Chennai - 66.85 per litre and 53.53 per litre.