Budget 2015: Petrol, diesel prices go up by over Rs 3 - Times of India

State-run fuel retailers on Saturday raised petrol and diesel rates for the second time in a month as global crude prices rebounded and the rupee weakened against the Greenback.

In Mumbai, petrol price would rise by Rs 3.33litre and diesel by Rs 3.41, including state levies, from Sunday . The increase would vary marginally in other states in accordance with variation in VAT.

Prices of petrol and diesel were last raised on February 16 - 82 paise and 61 paise a litre respectively to pass on the impact of rising crude prices.

Since then, petrol and diesel benchmark prices have risen further in international trading hubs and the rupee exchange rate also depreciated slightly to necessitate an increase in retail prices, the country's largest refiner-retailer IndianOil said in a statement.

The past reductions cumulatively brought down petrol price by Rs 17.11 per litre and diesel by Rs 12.96 a litre. The reductions would have been higher but for the government raising excise duty four times since November, in effect taking away a benefit of Rs 7.75 a litre on petrol and Rs 7.50 on diesel that could have otherwise gone to consumers.

Prices of petrol and diesel were last reduced on February 4 by Rs 2.42 per litre and Rs 2.25 per litre respectively .

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