The price hike announced by Indian Oil Corp. Ltd (IOC) is excluding local sales tax or VAT and will be effective from midnight on Sunday. After including VAT, petrol will cost Rs.67.62 a litre from midnight, up Rs.1.17 from Rs.66.45 per litre currently.
Similarly, diesel will cost Rs.56.41 a litre after including VAT up Rs.1.03 as compared to Rs.55.38 at present. This is the sixth increase in petrol price since 1 September, the last hike being on 16 October by Rs.1.73 a litre.
“The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.