Prices of petrol and diesel will be hiked by 82 paisa per litre and 61 paisa per litre respectively that will be effective from midnight tonight. This has been the first price hike on petrol and diesel since August 2014.
Following the firming of oil prices in international markets, now, a litre of petrol in Delhi will be available for Rs. 57.31 while diesel will be available for Rs. 46.62 per litre from tomorrow. Currently, the prices of petrol and diesel stands at Rs. 56.49 and Rs. 46.01 respectively.
Prices of petrol and diesel were last revised downwards on February 4. The price of petrol was reduced by 2.42 per litre and the price of diesel was reduced by Rs. 2.25 per litre. Prior to this latest announcement on fuel price hike, the petrol price was reduced on 10 occasions since August, 2014 and diesel prices were reduced on 6 occasions since October, 2014. Despite the price hike today, the petrol price has been the lowest since September, 2010 and the diesel price has been lowest since March, 2013.
“There has been a steep increase in international prices of both petrol and diesel and the Rupee-USD exchange rate has also depreciated slightly since the last price revision. The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel,” as per a statement issued by Indian Oil Corporation (IOC).
“The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” the IOC further stated.