On Tuesday Petrol price was gained by 14 paise per litre whereas diesel rate was also hiked by 10 paise per litre. Revised rates will take effect from midnight. Indian Oil Corporation, the country's largest fuel retailer has also further conveyed that, subsequent to the augment in Dealer Commission on Petrol and Diesel w.e.f.4th/ 5th October 2016, it has been decided to effect the following price changes w.e.f. midnight of 4th October / 5th October 2016.
There will be equivalent price revisions on Petrol and Diesel in other states on account of change in Dealer Commission. In Delhi, subsequent to Tuesday's revision, petrol will retail at Rs. 64.72 per litre and diesel will be sold at Rs. 52.61 per litre.
At present, consumers have to shell out Rs. 64.58 for a litre of petrol and Rs.52.51 in the national capital. Also, petrol prices in the other major cities will be: Rs. 67.72/litre in Kolkata; Rs. 71.12/litre in Mumbai, and Rs. 64.24/litre in Chennai. And diesel prices will be: Rs. 54.92/litre in Kolkata; Rs.58.11/litre in Mumbai, and Rs. 54.07/litre in Chennai.
Fuel prices were previous revised on September 30, when petrol was made more costly by 28 paise per litre whereas diesel was made cheaper by 6 paise per litre (excluding state levies). Petrol and diesel prices are deregulated in India, which means they are connected to market rates.
Usually, state-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp amend rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the previous fortnight.