New Delhi :  State owned oil companies today announced a hike of Rs 1.55 per litre in petrol prices, excluding VAT from midnight on Sunday. The price hike has been attributed to higher oil prices and falling value of Rupee.

“Since last price change, the downward spiral ofRupee against the USD dollar has continued to reach a low of Rs 60.03/USD as against Rs. 58.94/USD during the previous fortnight.

Further, international MS prices have also shown an uptrendand increased from $115.29/bbl to $117.19/bbl. The combined impact of deteriorating exchange rate and increasing international oil priceshas resulted inthe need to increase Petrol prices by Rs1.55/litre (excl. VAT).

“Further, the aforesaid factors have also resulted in further increase in under-recovery on sensitive petroleum products. At current level, IOCis suffering under-recovery on sale of HSD (Retail) of Rs. 9.45/litre, SKO (PDS) of Rs.30.53/litre & LPG (Dom) of Rs.368.50/cyl. For the year 2013-14, the Corporation is expected to incur under-recovery of Rs 67,000 croreon sale of three sensitive products (Industry:Rs 1,26,000crore).

“The movement of prices in international oil markets and INR-USD exchange rate is being closely monitored and developing trends of the market will be reflected in future price changes”, a press release from Indian Oil said.

Following are the revised prices of petrol in four metros after oil firms hiked rates with effect from midnight tonight.

PETROL

Current Price (Rs)Revised Price Increase

Delhi68.5870.441.86

Kolkata75.8477.761.92

Mumbai75.7977.731.94

Chennai71.6573.601.95