Public sector oil marketing companies announced an increase in retail selling price of petrol by ₹ 3.38 a litre and for diesel by ₹ 2.67 a litre in Delhi on Wednesday.
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Petrol will cost Rs.63.47 a litre in Delhi from midnight tonight, up from Rs.60.09 a litre, said Indian Oil Corp.
The decreasing trend of two months in the fuel rates has been reversed and this particular fuel price hike which has been entailed due to rise in global oil rates in the last fortnight by 13%.
This latest revision is quite substantial for both petrol as well as for diesel and might show adverse effects and cause price rise of commodities in the country.
Diesel will cost Rs. 52.94 a litre as against Rs. 50.27.
She said it was unjustified to hike the prices of fuel citing the increase of prices of petroleum products in the global market, as the Centre had increased the excise duty and failed to pass on the benefits to the common man when the prices of crude oil came down in the worldwide market. Ltd (IOC), the nation’s largest fuel retailer.
This price hike comes after four consecutive cuts in the last two months which cumulatively saw petrol go down by Rs. 5.56 per litre and diesel by Rs. 4.92 per litre.
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Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rates in the preceding fortnight.
