Diesel prices cut but food inflation may rise due to fears of weak monsoon
GN Bureau | June 16, 2015
While food inflation continues to rise and fears of weak monsoon may further push up the prices of pulses and vegetables, the fuel retailers have added expenditure to the households budget by increasing the prices of petrol by Rs 0.64 a litre. However, those owning diesel vehicle can be at ease as the price of has been cut by Rs 1.35 a litre.
The rise and fall is to align the prices of the petro products with international prices and adjusting for foreign exchange rates. The exchange rate is important in determining the price as India imports about 80% of the oil its total consumption. State-owned fuel retailers IOC, BPCL and HPCL revise petrol and diesel prices on 1 and 16 of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Prices of petrol and diesel were last raised by Rs 3.13 a litre and Rs 2.71 a litre, respectively, a month ago. "Since last price change, there has been an increase in international prices of petrol while international prices of diesel have shown a downward trend. Rupee-dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers," Indian Oil Corp, the nation's largest fuel retailer, said in a statement on Monday.
"The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," Indian Oil said.
Meanwhile, shares of oil majors Hindustan Petroleum Corp (HPCL), Bharat Petroleum Corp (BPCL) and IOC rise around 1 percent in early trade on Tuesday.
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