New Delhi: Diesel price was on Wednesday hiked by 50 paise per litre but there will be no change in petrol rates. Diesel will cost Rs 44.95 per litre with effect from midnight tonight as against Rs 44.45 currently, Indian Oil Corp, and the nation’s largest fuel retailer, said. This is the first increase in diesel price in four months.
“The current level of international prices is increased. Oil companies had at the last scheduled review on September 16 put off 98 paise per litre hike in petrol and Rs 2.28 a litre increase in diesel rates necessitated due to firming global oil rates apparently because of assembly elections in Bihar. Bihar goes to poll from October 12 and is being considered a major test of popularity for the ruling BJP.
State-owned fuel retailers — Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) — revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rates in the previous fortnight.