Oil firms have lifted up the diesel rate by 50 paise per litre and petrol by 75 paise per litre from today owing tomountingworldwide oil rates and adverserates of exchange.
Oil firms increased petrol rates after cutting down its rates for 4 times successivelyduringthe past 2 month period.
Pump rates of petrol getsincreased by 90 paise per litre in the national capital. Diesel gets pricier by 56 paise per litre in the national capital, Indian Oil Corp (IOC) stated in a declaration.
Oil firms that had increased diesel costs stridently by 1 per litreduring May 2013 after the Karnataka assembly poll, worked out their limited pricing freedom again to lift up its cost by around 50 paise after their income losses on the fuel rosein a statistically significant way, oil firms executives stated.
“The income loss on diesel has climbed to 4.87 per litrein spite of the current valueaugmentation,” an IOCBSE -3.09 % administrative stated.
The firms were marketing diesel 3.75 per litrelower than market prices last month. The administration has permitted oil firms to liftup diesel rates in small quantitieseach month until pump rates get lined up with market prices.
“The existingcostaugmentation is necessary mainly because ofreduction of Indian currency from 54.26 a dollar as compared to 55.32 a dollar,” IOC stated.
Depreciation of Indian currency lifts oil firms’expenditure of crude oil importations. India imports around 80 per cent of oil it processes.
“Petrol rates get augmented by Re.1 per litre and diesel by around 45 paisa as we had began incurring losses in petrol owing to falling Indian currency, which turns the oil imports more high-priced,” stated a director on the board of an oil seller.