Petrol prices to be hiked by 70 paise from midnight (Lead)

July 23rd, 2012 - 9:30 pm ICT by IANS  

New Delhi, July 23 (IANS) India’s oil marketing companies Monday announced a hike in petrol prices by 70 paise a litre, with effect from midnight, citing increasing international oil prices and decline in the rupee’s value.

“It has been decided by Indian Oil Corporation to increase MS (motor spirit) prices by Rs.0.70 per litre (excluding state levies) with effect from midnight of July 23,” Indian Oil Corp (IOC) said in a statement.

“The said revision has been necessitated due to increasing international oil prices and movement in INR-USD exchange rate,” it added.

Increase in selling price shall vary from 70 paise per litre to 91 paise per litre (including state levies) depending upon state taxes.

In Delhi, the price increase will be 70 paise per litre. The impact of state tax shall be nil on the increase as per Delhi government’s June 16 value added tax exemption order.

While in Delhi, the revised price would be Rs.68.48, it would be Rs.74.23 in Mumbai. In Chennai it will be Rs.73.16, while in Kolkata it will be Rs.73.61.

The revised prices in Hyderabad and Bangalore would be Rs.75.80 and Rs.77.30, respectively.

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