New Delhi: Petrol price was on Thursday hiked by 58 paise per litre while diesel rate was slashed by 31 paise per litre (excluding state levies). Revised rates will take effect from midnight.
“The current level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant increase in selling price of Petrol and decrease in selling prices of Diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corporation, the country’s largest fuel retailer.
Fuel prices were last revised on August 31, when petrol and diesel were made more expensive by Rs. 3.38 a litre and Rs. 2.67 per litre, respectively. Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.
“The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” Indian Oil added.