The petrol and diesel prices were hiked by 42 paise/litre and Rs. 1.o3/litre respectively on January 15 midnight. These increased rates have been implemented excluding state levies and the actual hike will be higher, as announced by the oil companies. After including VAT, the hike in Delhi comes to 53 paise and in case of diesel it will be Rs1.20 a litre.
Petrol will cost Rs 71.13 a litre from today as against Rs 70.60 currently. Similarly, the cost of a litre diesel will be Rs59.02 as opposed to Rs57.82 currently. This is the fourth increase in petrol price in six weeks and the third in case of diesel in one month.
Earlier on January 2, the prices were last revised when petrol prices were increased by Rs 1.29 per litre and diesel price went up by Rs 0.97 per litre.
Indian Oil Corp. (IOC), Bharat Petroleum Corp. (BPCL) and Hindustan Petroleum Corp. (HPCL) revise rates on 1st and 16th of every month based on average international price in the previous fortnight.
“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.
It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.