Petrol prices hiked by Rs 1.34 per litre, diesel up by Rs 2.37

New Delhi: Due to surge in crude oil prices for Indian basket, the prices of Petrol and Diesel were increased by Rs 1.34 and Rs 2.37 per litre. The rates were effective from the midnight of October 15. This increase is excluding the State levies. Petrol will now cost Rs 66.06 as against the previous Rs 64.72 and diesel will cost Rs 54.98 against the previous Rs 52.61 in New Delhi. According to the announcement made by the Indian Oil Corporation Ltd, the petroleum distribution companies have increased the prices as the current level of international product prices of Petrol & Diesel and INR-USD 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.

 In the last few months, petrol prices are continuously going up. This is the fifth time in continuation that the petrol prices have gone up. On October 1, 2016, petrol prices were hiked by 36 paise a litre, but that of diesel was cut by seven paise per litre, in line with the international trends. On September 16, petrol price was hiked by 58 paise, excluding state levies. After including state VAT, the hike came to 78 paise per litre in Delhi. The rate of diesel was cut by 31 paise, excluding state levies (and 35 paise after including VAT in Delhi). On August 31, 2016, petrol price was hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month declining trend. Rates were last cut by Rs one per litre, in case of petrol on August 16, 2016. (UNI)