Friday , May 26 2017

Petrol price hiked by Rs 1.29 a litre, diesel by 97 paise

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NEW DELHI: Petrol price was on Sunday raised by Rs 1.29 a litre, the 3rd increase in a month, and diesel rate was raised by 97 paise a litre, the 2nd hike in a fortnight.

The increase in rates announced by oil firms is apart from state levies and the actual hike will be higher. The actual hike after allowing for VAT would be Rs 1.66 a litre in Delhi for petrol and Rs 1.14 for diesel. The Petrol price hike will be effective from midnight tonight.

This is the 3rd increase in petrol price in one month and the second in case of diesel in one fortnight. Petrol price was on December 17 raised by Rs 2.21 a litre and diesel by Rs 1.79 per litre, without local levies. The actual petrol price hike after considering VAT came to Rs 2.84 per litre in Delhi and Rs 2.11 for diesel.

After today’s price hike, petrol in Delhi will now cost Rs 70.60 a litre from tomorrow as compared to Rs 68.94 currently. Correspondingly, a litre of diesel will from tomorrow cost Rs 57.82, up from Rs 56.68.

Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) review rates on 1st and 16th of every month based on average international price in the earlier fortnight.

“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate permit increase in selling price of petrol and diesel, the effect of which is being passed on to the consumers with this price revision,” IOC stated in a statement.

It stated the movement of prices in the international oil market and foreign exchange rate shall continue to be observed closely and developing trends of the market will be replicated in future price changes.

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