Here's how much the petrol price hike will cost each city

Its finally happened. The Oil Marketing Companies are no longer able to bear the brunt and have hiked the cost in of petrol. State owned oil firms - IOC, BPCL and HPCL have hiked petrol price by Rs 6.28 per litre, effective midnight. If we include sales tax, the hike increase to upto Rs 7.5 per litre.

Firspost has gathered a list of cities to inform you the cost in each of them. People in Hyderabad will now be paying Rs 80.58 per litre, one of the highest in India while residents in our capital city Delhi will shell out Rs 73.14 per litre. In other cities like Mumbai and Bangalore, it works out to Rs 78.16 per litre and 80.51 per litre. 

The increase in petrol prices was on the cards for a while now especially with the rupee continuing its free fall against the US dollar. ONGC CMD RS Sharma says that said some correction was warranted in diesel and LPG price as well. PK Goyal, director finance at IOC said since the company needed to bring down excise duties up to the level of under recoveries, a price hike was the only option. Asked when can one expect a hike in diesel prices, Mr Goyal said it was a controlled product and hence the government had to take a decision.

More from Business

Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

For now, diesel has been left untouched. But the question remains for how long.