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Petrol prices hiked Rs.6.28 plus taxes
Wednesday May 23, 2012 07:40:06 PM,
IANS
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New Delhi:
Petrol prices have been hiked by Rs.6.28 per litre, exclusive of
taxes, effective midnight, it was announced here Wednesday.
Petrol will cost Rs.73.14 per litre in Delhi against the existing
price of Rs.65.64 per litre.
In Mumbai, petrol will now cost Rs.78.16 per litre, while in
Kolkata and Chennai, it will cost Rs.77.53 per litre.
"Given the losses being incurred, the Company is compelled to
increase the price of petrol by Rs.6.28 per litre (excluding
VAT/Sales Tax) with effect from midnight," the country's largest
oil firm Indian Oil Company said in a statement.
"This excludes losses already suffered till date during current
financial year 2012-13, which would require an additional increase
of around Rs 1.50 per litre in selling price of motor spirit (MS)
for balance part of the year," Indian Oil said.
This is the sharpest ever hike in petrol prices. The actual
increase in prices will vary from state to state depending on the
prevailing sales and other taxes.
Given that the rate of Sales Tax/VAT varies from 15 percent to 33
percent in the states, additional sales tax of Rs.0.94 to Rs.2.07
per litre will be added to the increased price.
"This shall be over and above the existing Sales Tax of Rs.10.30
per litre to Rs.18.74 per litre already being levied in the
existing motor spirit (petrol) prices," Indian Oil said.
A sharp drop in the value of rupee has added to the woes of the
oil marketing companies, who have been under financial strain due
to persistently high prices of crude oil in global markets.
The Indian rupee breached another psychological level of 56
against a dollar Wednesday and plunged to low of 56.18 in the
intra-day, hitting a record low for the sixth session in a row.
The rupee has weakened by over three percent in the just three
sessions this week despite the assurances and interventions in the
currency markets by the Reserve Bank of India.
Finance Minister Pranab Mukherjee has blamed global uncertainties
and the rising oil imports bill for the battering of the Indian
currency. "The quantum of India's oil imports is substantial at
around $160 billion to $170 billion annually," he said.
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