Petrol price hiked by 36 paise; diesel up by 87 paise

New Delhi: Petrol price was hiked on Sunday by 36 paisa a litre, while that of diesel by 87 paise per litre in line with firming global rates. This is the first hike in petrol price in five months and the third in diesel rates since October. Petrol will cost Rs.61.06 per litre from midnight on Sunday as against Rs.60.70 a litre currently, said Indian Oil Corp. Ltd, the nation’s largest fuel retailer.

A litre of diesel will from Monday cost Rs.46.80 as compared to Rs.45.93 per litre currently. “The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.

Last time the price of petrol was on 16 July when rates were increased by 32 paise. Since then prices have been cut on four occasions—by Rs.2.43 on August 1 August by Rs.2 on 1 September and by 50 paise on 1 November. Diesel rates were not changed on 1 November but had been hiked by 95 paise on 16 October and by 50 paise on 1 October.

Diesel prices were reduced on 1 September by 50 paise a litre. State-owned fuel retailers—Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—revise petrol and diesel prices on the 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

“The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the IOC statement added.