Petrol prices may be cut by Re1, diesel set to go up
Moneylife Digital Team 14 March 2013

While petrol prices are being cut in step with falling international oil rates, diesel rate increase would be in line with the January decision to raise prices in small dozes every month till all of the Rs11 per litre losses are eliminated

Petrol price may be cut by about Re1 per litre while diesel price may be increased by 40-50 paisa a litre from 15th-16th March.

 

While petrol prices are being cut in step with falling international oil rates, diesel rate increase would be in line with the January decision to raise prices in small dozes every month till all of the Rs11 per litre losses are eliminated.

 

Sources said the revision in rates of petrol and diesel is likely to be announced as early as Friday.

 

The cut in petrol price will follow two rounds of hike in rates since February. Petrol price was hiked by Rs1.50 a litre on 16th February and then by Rs1.40 per litre from 2nd March. Both the increases were excluding local VAT.

 

Petrol in Delhi presently costs Rs70.74 a litre. Since last revision, international gasoline (petrol) prices have come down to about $120 per barrel from $131.00 a barrel at the last time last revision. Also, the rupee has marginally appreciated against the dollar to Rs54.11.

 

Diesel prices have been since January hiked by over Re1 per litre in two instalments and it currently costs Rs48.16 a litre. Despite the increases, oil firms lose Rs11.26 per litre on sale of the nation's most consumed fuel.

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