Third hike in a month, petrol up R2 per litre

NEW DELHI: Oil companies on Friday raised retail petrol prices by R1.82 a litre, the third hike this month, as a falling rupee that slid 13% since May made crude oil imports costlier.

A hike in diesel rates is expected early next week.

Oil companies raised petrol rates by R1.82 a litre, excluding local sales tax or VAT, with effect from midnight.

The extent of the increase in the retail price of petrol will differ from city to city depending on local taxes.

Petrol price in Delhi will go up by R2.19 per litre to R68.58.

Oil firms had raised prices by 75 paise on June 1 and followed it with a nearly R2.50- per-litre increase on June 16. Costlier fuel, which raises the cost of ferrying goods across locations, can potentially raise prices of goods and services, limiting RBI’s elbow

room to slash interest rates.

BJP BLAMES ‘WRONG’ ECONOMIC POLICIES

NEW DELHI: The BJP on Friday said the fresh hike in petrol prices was a result of wrong economic policies pursued by the Congressled UPA government over the past nine years.

“The UPA government’s excuse that the hike is due to devaluation of the rupee is misplaced. If this government had followed strong and effective policies, the economy would be robust,” BJP spokesperson Sudhanshu Trivedi said.