NEW DELHI -- Petrol price was on Sunday hiked by ₹1.29 a litre -- the third increase in a month, and diesel rate was raised by 97 paise a litre -- the second hike in a fortnight.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
The actual hike after considering VAT would be ₹1.66 a litre in Delhi for petrol and ₹1.14 for diesel. The hike will be effective from midnight on Sunday.
This is the third increase in petrol price in one month and the second in case of diesel in one fortnight.
Petrol price was on 17 December hiked by ₹2.21 a litre and diesel by ₹1.79 per litre, excluding local levies. The actual hike after considering VAT came to ₹2.84 per litre in Delhi for petrol and ₹2.11 for diesel.
After Sunday's hike, petrol in Delhi will now cost ₹70.60 a litre from Monday as compared to ₹68.94 currently. Similarly, a litre of diesel will cost ₹57.82, up from ₹56.68.
Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates on 1st and 16th of every month based on average international price in the previous fortnight.
"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," IOC said in a statement.
It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.
Also on HuffPost India: