16/09/2016 9:44 AM IST | Updated 16/09/2016 10:11 AM IST

Petrol Price Hiked By 58 Paisa, Diesel Cut Down By 31 Paisa

This is the second time petrol price has increased this month.

Danish Siddiqui / Reuters
Representational image.

NEW DELHI -- Petrol price was today hiked by 58 paisa a litre while diesel rate was cut by 31 paisa per litre in line with international trends.

Petrol will cost ₹64.05 a litre from midnight tonight as against ₹63.47. Similarly, diesel will cost ₹52.63 a litre as compared to ₹52.94 a litre.

This is the second increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month.

Petrol price was last hiked on September 1 by a steep ₹3.38 per litre and diesel by ₹2.67 a 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 decrease in selling price of diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corp, the nation's largest fuel retailer, said.

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

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