AGAIN PRICE OF PETROL AND DIESEL EFFECT FROM TODAY
Again Petrol and diesel rate in India saw a steep higher thanks to the ongoing crisis in Iraq. While the price of petrol was increased by 1.69 per litre, diesel’s price was increased by 50 paise a litre.
The price raise will be in effect from today itself, and it doesn’t count local sales tax or VAT and therefore the actual price raise will be more and vary city to city.
The officials blamed the steep increase in the price on the ongoing civil war in Iraq –
“Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks.
The international prices of gasoline (petrol) have increased by more than USD 4 per barrel, and the rupee-US dollar exchange rate has also deteriorated. The combined impact of both these factors has warranted an increase in petrol prices by Rs 1.69 per litre, excluding state levies,” Indian Oil Corp, the nation’s largest oil firm, said.
The BJP-led government is following the principle set up by UPA regarding raising diesel’s price in small increments. However, although there has been a total of 17 raises in the pricing of Diesel since then, but still oil firms are losing around 3.40 a litre of diesel, according to the IOC.
In a major news, the IOC revealed that if this continues the oil industry comprising of IOC, Bharat Petroleum and Hindustan Petroleum are on course to close the fiscal year with more than Rs.107,850 crores in revenue losses.
Category: News
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