On Thursday Petrol price was hiked by 58 paise per litre whereas diesel rate was cut by 31 paise per litre (excluding state levies). Revised rates will take effect from midnight. Indian Oil Corporation, the country’s largest fuel retailer has also further conveyed that, the present level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant augment in selling price of Petrol and cut in selling prices of Diesel, the impact of which is being passed on to the consumers with this price revision.
In Delhi following this revision, customers will have to shell out Rs. 64.21 for a litre of petrol, andRs. 52.59 for a litre of diesel. Presently petrol retails at Rs. 63.47 per litre and diesel at Rs. 52.94 a litre in the national capital. On August 31, fuel prices were previous revised, when petrol and diesel were made dearer by Rs.3.38 per litre and Rs. 2.67 per litre, respectively.
Petrol and diesel prices are deregulated in India, which means they are connected to market rates. State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on the 1st and 16th of each month based on the standard oil price and foreign exchange rate in the earlier fortnight.
Indian Oil has also further conveyed adding that, the movement of prices in the international oil market and rupee-dollar exchange rate shall carry on to be monitored intimately and developing trends of the market will be reflected in future price changes. On Thursday the rupee established at 67.02 next to the US dollar- its lowest level since August 30.