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Economy

Petrol Prices Up By Rs. 3.14 per liter (Bonus: Petrol Chart Since 1989)

According to NDTV, petrol prices are up by Rs. 3.14 per liter from midnight.

Prices of Brent Crude remain over $110 per barrel, and that is really the reference price for our buys. According to the article, IOC, BPCL and HPCL have lost 2450 cr. just on the petrol sales, with Rs. 2.61 per liter being lost before state taxes. Also, the rupee fall has hurt them:

Rupee fell to 48 per dollar yesterday for the first time since September 2009. "Every rupee depreciation, the under-recovery (revenue loss) increases annually by around Rs 9,000 crore," he [an official at a state refiner] said.

Petrol prices were hiked by Rs. 5 on May 14th.

A History: Petrol prices in India since 1989 (Delhi only). (From the IOC site, and a Reuters page)

Petrol Prices in India Since 1989

(Note: Assuming Delhi prices go to Rs. 66.82)

I am not going to go mad and fill up my tank today, unlike last time. The whole tank of 40 liters I would save about Rs. 150; not worth the time or effort.