Petrol Price Hiked By ₹ 1.06/Litre, Diesel By ₹ 2.94/Litre

01/05/2016 8:36 AM IST | Updated 15/07/2016 8:26 AM IST
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A petrol fuel pump is pictured at a station in New Delhi on January 16, 2013. Petrol price was hiked late January 15 night by about 35 paise per litre in line with firming raw material cost. Petrol will cost Rs 67.56 per litre in Delhi with effect from midnight, as the state government withdrew VAT exemption on the fuel. AFP PHOTO/ Prakash SINGH (Photo credit should read PRAKASH SINGH/AFP/Getty Images)

NEW DELHI -- Petrol price was yesterday hiked by Rs 1.06 per litre and diesel by Rs 2.94 a litre.

Petrol in Delhi will cost Rs 62.19 per litre from midnight on Friday as against Rs 61.13 previously, said Indian Oil Corporation (IOC), the nation's largest fuel retailer.

Similarly, a litre of diesel will cost Rs 50.95 compared to Rs 48.01 at present.

The hike comes on back of Rs 0.74 per litre cut in petrol price and diesel by Rs 1.30 a litre on 16 April.

"The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," the IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

"The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the company added.

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