New Delhi: Petrol price hiked by Rs. 2.21 per litre, diesel by Rs. 1.79 per litre, effective midnight Petrol price was on Friday hiked by Rs. 2.21 per litre and diesel rate was raised by Rs. 1.79 per litre following surge in crude oil price after Organization of the Petroleum Exporting Countries (OPEC) decided to cut crude oil output.
Revised prices will take effect from mid-night. After today’s revision, petrol will be sold at Rs. 68.94 per litre in Delhi and diesel will retail atRs. 56.68 per litre.
The fuel prices were last revised on November 30, when petrol was made more expensive by 13 paise per litre while diesel rate was cut by 12 paise per litre.
Indian Oil, country’s largest fuel retailer in a statement said, “The current level of international product prices of petrol & diesel and INR-USD 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.”
Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on a fortnightly basis based on the average oil price and foreign exchange rate in the preceding 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,” added Indian Oil