01/05/2015 9:17 AM IST | Updated 15/07/2016 8:25 AM IST

Petrol Prices Hikes by Rs 3.96 per litre, Diesel Goes Up By Rs 2.37

DIPTENDU DUTTA via Getty Images
An Indian petrol pump employee counts Indian currency in Siliguri on August 28, 2013. India's rupee slumped nearly four percent to a fresh record low against the dollar as concerns about a US-led military strike against Syria compounded deepening domestic economic woes. The Indian unit, which lost three percent on August 27, was down 2.46 percent at 67.87 rupees to the dollar in afternoon trade after plunging 3.84 percent at one point to 68.74 rupee AFP PHOTO/Diptendu DUTTA (Photo credit should read DIPTENDU DUTTA/AFP/Getty Images)

After two rounds of cuts, petrol prices were today raised by Rs 3.96 per litre and diesel by Rs 2.37 a litre, tracking global cues.

The increase in petrol and diesel prices will be effective from midnight tonight.

Prices of petrol in Delhi will be Rs 63.16 a litre from tomorrow as against the current Rs 59.20; while diesel will cost Rs 49.57 per litre as against Rs 47.20, Indian Oil Corp (IOC), the nation's largest oil company, said.

Rates were last cut by 80 paise per litre on petrol and Rs 1.30 a litre on diesel from April 16. This followed a reduction of 49 paisa a litre in the price of petrol and Rs 1.21 in diesel from April 2.

Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 reductions between October and February. The rates were increased by 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16, and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1.

After these, rates had been cut twice.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

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

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