NEW DELHI: Today Petrol price increased by Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month decreasing trend. Indian Oil Corp, the nation's largest fuel retailer has also further conveyd that, in Delhi from midnight Petrol will cost Rs 63.47 a litre, rise from Rs 60.09 a litre. Likewise, a litre of diesel will cost Rs 52.94 a litre as next to Rs 50.27.
The increase in fuel price, necessitated by a 13 per cent increase in international oil rates in the preceding fortnight, comes on the back of four lessenings. On August 16 rates were previous cut by Rs 1 per litre in case of petrol and Rs 2 in diesel. The four lessenings in previous two months had led to the price of petrol in Delhi coming downward by Rs 5.56 a litre and Rs 4.92 per litre in case of diesel.
Throughout the present fortnight, crude oil prices in the global market have witnessed a steep augment by 13 per cent (over USD 5 per barrel) compared to preceding fortnight, with a subsequent rise in the international prices of petroleum products. IOC has also further conveyed in a statement that, the present level of worldwide prices warrant an augment in prices of petrol and diesel, the impact of which is being passed on to the consumers.
IOC and other state-owned fuel retailers, Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) revise petrol and diesel price on 1st and 16th of every month based on international oil rate and foreign exchange ratio in the preceding fortnight. IOC has also further conveyed that, the movement of prices in the international oil market and Rupee-US Dollar exchange rate shall continue to be monitored intimately and developing trends of the market will be reflected in future price changes.