New Delhi: Petrol price was on Wednesday hiked by 13 paise per litre while diesel rate was cut by 12 paise per litre. Revised rates will take effect from midnight.
The revision in rates announced is excluding state levies (VAT).
After the price revision, petrol will cost Rs. 66.10/litre in New Delhi while diesel at Rs. 54.57/litre.
“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” Indian Oil Corporation said in in a statement.
Prices were last revised on November 15, when the rate of petrol was cut by Rs. 1.46 to Rs. 65.93 per litre while that of diesel was lowered by Rs. 1.53 to Rs. 54.71 per litre.
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 fuel on a fortnightly basis based on the average oil price and foreign exchange rate in the preceding fortnight.