16.2.13

Fuel prices hiked



State oil firms have raised diesel prices by 55 paise per litre and petrol by Rs.1.89 per litre (with taxes in Mumbai) from Saturday. Indian Oil Corp (IOC), the country’s biggest fuel retailer by volume, said in a statement that prices of diesel, before including local taxes, have been raised by 45 paise across the country, while petrol is costlier by Rs.1.5 a litre. Local taxes vary between 12.5% and 20%.
Oil marketing firms were losing about Rs.1.15 a litre revenue on petrol and over Rs.10.7 a litre on diesel.
IOC said in a statement that petrol prices were raised because of rising international crude oil rates. India, which imports more than 80% crude oil it processes, pays its import bill in dollars. Prices of Brent, the international benchmark for crude oil, soared to a nine-month high last week, touching $119 per barrel.
IOC executives hinted at another round of petrol price hike by March, if international crude oil prices continue to surge and rupee depreciates further. Oil companies had last increased diesel rates by a similar amount on January 18.

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