Petrol price hiked by Rs. 1.34 for every liter while diesel rate was expanded by Rs. 2.37 for every liter on Saturday. The hike announced by oil companies is excluding state levies.
After the price modification, a liter of petrol in Delhi will now cost Rs. 66.45 per liter, while diesel will cost Rs. 55.38 for each liter.
Additionally, petrol costs in the other significant cities will be: Rs. 69.08/liter in Kolkata; Rs. 72.83/liter in Mumbai, and Rs. 65.96/liter in Chennai. Also, diesel costs will be: Rs. 57.64/liter in Kolkata; Rs. 61.05/liter in Mumbai, and Rs. 56.95/liter in Chennai.
“The current level of international product prices of petrol and diesel and Rupee–Dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” Indian Oil Corp (IOC) said in a statement.
The development of costs in the worldwide oil market and Rupee–Dollar conversion scale might keep on being observed nearly and developing trends of the market will be reflected in future price changes, it included.
Worldwide oil costs have bounced to one-year highs of above $50 a barrel on developing expectations of a yield cut by major oil producers. Petrol and diesel costs are deregulated in India, which implies they are connected to market rates.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp amend rates of the fuel on a fortnightly premise in view of the normal oil cost and foreign exchange rate in the preceding fortnight.
Prices were last revised on October 4, when the rate of petrol was increased by 14 paise to Rs. 64.72 per litre while that of diesel was hiked by Rs. 10 paise to Rs. 52.61 per litre in the national capital.