Diesel up by 50p a litre, petrol by 60p

Part of monthly revision; oil firms point to rise in crude oil prices, fall in rupee value since early Jan

Petrol prices rose by 60p a litre and diesel by 50p a litre in the regular monthly change, from Friday midnight. This would be the last price change ahead of the code of conduct likely to be put in place next week for the Lok Sabha polls, after which prior clearance from the Election Commission of India might be required for a cut or increase.

The price of petrol was previously revised, upwards by 75p a litre, on January 4. “Since the last price change, international prices of crude oil have increased from $116.04 a barrel to $118.10 a barrel, and the rupee-dollar exchange rate has also depreciated from Rs 62.02 a dollar to Rs 62.12. The combined impact has warranted the increase in petrol prices,” state-run Indian Oil Corporation (IOC) stated on Friday. With the current rise, the price of petrol in Delhi would increase from Rs 73.16 a litre to Rs 73.76 a litre. Diesel would increase to Rs 55.41 a litre from Rs 54.91.

Following the government’s decision for a phase-wise decontrol of diesel prices on January 17, 2013, oil marketing companies have been authorised to increase the retail selling price of diesel within a small range every month. Even after the current increase, the under-recovery on diesel would be Rs 8.37 a litre.

Meanwhile, under-recovery on the retailing of kerosene is Rs 36.34 a litre and cooking gas at Rs 605.50 a cylinder.