Petrol price was on Friday hiked by a steep Rs. 1.82 a litre, the third increase in rates this month, as falling rupee made imports costlier.

An increase in diesel rates is expected early next week.

Oil companies raised petrol rates by Rs. 1.82 a litre, excluding local sales tax or VAT, with effect from midnight.

Actual increase will be higher and will vary from city to city depending on local taxes.

Petrol price in Delhi was hiked by Rs. 2.19 per litre to Rs. 68.58 from Saturday as against Rs. 66.39 currently.

This is the third increase in rates this month. Oil firms had on June 1 raised prices by 75 paisa, excluding VAT, and followed it with Rs. 2 per litre increase on June 16.

The revision in prices as per the practice of changing rates in line with cost every fortnight, was due on Sunday June 30 but were raised on Friday.

Diesel price too is likely to be raised by 40-50 paisa per litre early next week in accordance with the government mandate for small doses of increases every month.

In Mumbai, petrol price has been increased by Rs. 2.30 to Rs. 76.90 while in Kolkata rates went up from Rs. 73.79 to Rs. 76.10 per litre. In Chennai, prices were hiked by Rs. 2.32 to Rs. 71.72.

This week’s increases have almost negated the four reductions this year that had brought down the rates to Rs. 63.01 at the beginning of May.

“Since last price change, the downwards slide of rupee has continued and USD-INR exchange rate has deteriorated from Rs. 57.08 to a U.S. dollar to Rs. 58.94 during the fortnight,” Indian Oil Corp (IOC) said announcing the increase in rates.

Further, international gasoline (petrol) prices have also increased from $113.84 per barrel to $115.29 a barrel since last price change.

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