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Petrol Price Hiked By ₹1.34 A Litre, Diesel By ₹2.37 A Litre

This is the fifth increase in petrol prices in the last two months.

16/10/2016 7:25 AM IST | Updated 16/10/2016 7:35 AM IST
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Rupak De Chowdhuri / Reuters

NEW DELHI -- Petrol price was on Saturday hiked by ₹1.34 a litre, the fifth increase in two months, and diesel by ₹2.37 a litre on back of spike in global rates.

The hike announced by oil companies is excluding state levies.

After including local VAT, petrol will now cost ₹66.05 a litre in Delhi from midnight on Saturday. Diesel will cost ₹55.26 per litre as against Rs 52.61 a litre at present.

The price of petrol was last hiked by 14 paise per litre and that of diesel by 10 paise a litre on 5 October, following an increase in commission paid to dealers.

Prior to that petrol price had been hiked on three occasions while diesel price was cut by 8 paise a litre on 1 October.

"The current level of international product prices of petrol and 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," Indian Oil Corp (IOC) said in a statement.

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, it said.

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