Price hike : Petrol / Diesel by Rs 1.69 / Rs 0.50 per litre

Price hike : Petrol / Diesel by Rs 1.69 / Rs 0.50 per litre - with effect from midnight

Petrol price was today hiked by a soak Rs 1.69 per litre and diesel by 50 paise a litre as the crisis in Iraq spooked international oil and money markets.

The hike, viable midnight this evening, prohibits local sales tax or VAT and the genuine expand will be higher, shifting from city to city.

Petrol in Delhi will cost Rs 73.58 per litre, up Rs 2.02 from Rs 71.56 at present. Diesel rates will go up by 56 paise to Rs 57.84 per litre.

"Because of geo-political turmoil in the Middle East, there has been huge build in international oil prices throughout the past two weeks.

"The international prices of gasoline (petrol) have expanded by more than USD 4 per barrel, and the rupee-US dollar exchange rate has additionally deteriorated. The consolidated effect of both these elements has justified a build in petrol prices by Rs 1.69 per liter, barring state levies," Indian Oil Corp, the country's biggest oil firm, said.

Diesel rates were hiked in continuation with the past UPA government's January 2013 arrangement of bringing prices up in little measurements consistently to dispose of subsidy.

IOC said regardless of the 17 hikes from that point forward, oil firms are losing Rs 3.40 a litre on diesel. Misfortunes have expanded from Rs 2.80 a litre not long ago because of firming up of international oil rates and the rupee deteriorating against the US dollar.

Other than diesel, the state oil firms lose Rs 33.07 a litre on Kerosene oil sold through the public distribution system (PDS) and Rs 449 per 14.2-kg domestic LPG (cooking gas) cylinder.

IOC said at current rate the business (IOC in addition to Bharat Petroleum and Hindustan Petroleum) are anticipated to end the monetary with Rs 107,850 crore of income misfortunes.

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