Petrol rates hiked by 75 paise, diesel by 50 paise a litre

New Delhi, May 31 (IANS) Indian Oil Corp Friday hiked petrol price by 75 paise per litre and that of diesel by 50 paise per litre, both rates excluding local taxes, effective midnight, it was officially announced.

IOC said the increase is required mainly due to depreciation of the rupee from Rs.54.26 to Rs.55.32 per US dollar.

The price of petrol was last revised on May 1 -- downwards by Rs.2.50 a litre

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, under-recovery (revenue loss) on retail diesel shall stand at Rs.4.87 per litre," IOC said in a statement here.

With Friday's hike, the rates of petrol per litre, allowing for local taxes, will be Rs.63.99 in Delhi, Rs.70.68 in Mumbai, Rs.66.85 in Chennai and Rs.71.29 in Kolkata.

The new rates for diesel per litre will be Rs.50.25 in Delhi, Rs.56.66 in Mumbai, Rs. 53.53 in Chennai and Rs.54.76 in Kolkata.

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