Indian Oil Corporation (IOC) and BPCL on Friday announced a 45 paisa per litre hike in diesel prices with effect from Friday-Saturday midnight. Along with diesel, IOC will also hike petrol prices by Rs 1.50 per litre.
Crude oil price has increased from $109.08 per barrel to $113.24, while international gasoline or petrol prices have risen from $119.59 a barrel to $128.57. [1 US Dollar equals 53.98 Indian Rupee]
In addition to loss on sale of diesel, state-owned fuel retailers are losing Rs 31.60 per litre on kerosene and Rs 481 per 14.2-kg cylinder of domestic cooking gas (LPG).
The increase announced is excluding local sales tax or VAT and the actual hike for consumers would be more after the incidence of duty is included.