Diesel Price Hiked By Rs 1.26/Litre, Petrol By 5 Paise/Litre

Petrol price was on Wednesday hiked by a marginal 5 paise per litre while diesel rate was increased by Rs 1.26 per litre – the fourth increase in rates in six weeks.

Petrol will cost Rs 65.65 a litre in Delhi from the midnight of June 15 and 16 as against Rs 65.60 per litre currently, Indian Oil Corporation said.

Similarly, diesel will cost Rs 55.19 per litre in the national capital as against Rs 53.93 per litre currently.

This is the fourth increase in the prices of the fuels since May 1.

The prices were last revised on June 1, when petrol was made more expensive by Rs 2.58 a litre and diesel by Rs 2.26 a litre, following oil prices crossing the $50 per barrel mark.

Petrol prices in the four hikes have been raised by Rs 4.52 a litre, while diesel rates have gone up by Rs 7.72 per litre.

“The current level of international product prices of petrol and diesel and Rupee-US Dollar 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,” Indian Oil Corporation, the country’s largest fuel retailer, said in a statement.

Barring April 16, when the price of petrol was cut by 74 paise a litre and that of diesel by Rs 1.30, there has been an upward trend in the rates since March 17.

Petrol price was increased by Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4. In case of diesel, there were four straight hikes prior to that reduction. The hikes totaled Rs 4.63 per litre.

After discounting the April 16 cut, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel rates by Rs 11.05 per litre.

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, IOC added.

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