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After two sets of reductions in petrol prices last month, oil marketing companies will raise petrol prices by 70 paise-91 paise effective midnight tonight, Indian Oil said in a release. The effective hike in Delhi will be 70 paise, which will push up prices to Rs 68.48.
The hike comes after a Rs 2.46 price cut on 29 June, which followed a Rs 2.02 per litre cut on June 3.
Indian Oil, India's largest oil marketing firm, said the "revision has been necessitated due to increasing international oil prices and movement in INR-USD exchange rate".
"Indian Oil is incurring losses of about Rs 1.41/litre on sales in the domestic market. However, as the price movement is quite volatile, it has been decided that an increase of Rs 0.70/litre (excluding state levies) may be effected at this juncture and the situation watched for some time depending upon which a further view will be taken at an appropriate time," the release said.
The two price cuts had wiped out more than half of the massive Rs 7.54 per litre increase in rates, the biggest in the history, effected in May.
Oil firms are projected to lose a record Rs 151,000 crore in revenue on sale of diesel, domestic LPG and kerosene, whose rates have not been revised in past one year.
After two sets of reductions in petrol prices last month, oil marketing companies will raise petrol prices by 70 paise-91 paise effective midnight tonight, Indian Oil said in a release. The effective hike in Delhi will be 70 paise, which will push up prices to Rs 68.48.
The hike comes after a Rs 2.46 price cut on 29 June, which followed a Rs 2.02 per litre cut on June 3.
Indian Oil, India's largest oil marketing firm, said the "revision has been necessitated due to increasing international oil prices and movement in INR-USD exchange rate".
"Indian Oil is incurring losses of about Rs 1.41/litre on sales in the domestic market. However, as the price movement is quite volatile, it has been decided that an increase of Rs 0.70/litre (excluding state levies) may be effected at this juncture and the situation watched for some time depending upon which a further view will be taken at an appropriate time," the release said.
The two price cuts had wiped out more than half of the massive Rs 7.54 per litre increase in rates, the biggest in the history, effected in May.
Oil firms are projected to lose a record Rs 151,000 crore in revenue on sale of diesel, domestic LPG and kerosene, whose rates have not been revised in past one year.
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