Petrol, diesel prices hiked

Petrol price increased by 60 paise; Diesel by 50 paise per litre

NEW DELHI, February 28 (PTI): Petrol price was hiked by 60 paise a litre on Friday, the second increase this year, and diesel by 50 paise per litre, the 14th hike since January 2013. The hikes, effective from midnight, are excluding local sales tax or VAT and actual increase will be higher and will vary from city to city. Announcing the price hike, Indian Oil Corp, the nation’s largest fuel retailer, said petrol price has been hiked because international oil rates have risen and rupee depreciated against US dollar, making imports costlier. The diesel price increase is in line with the January 2013 decision of the government to raise rates by up to 50 paise per month till such time that the entire losses on the fuel are wiped out, and prices made market determined. IOC said even after the 14th price hike since January 2013, the oil companies are incurring Rs 8.37 per litre loss on sale of the fuel.