Petrol price was hiked today by Rupees 1.29 per litre which is the third increase in a month and diesel price was raised by 97 Paise per litre which is the second hike this month.
This increase in rates which is announced by oil firms is excluding the state duties, that means the actual hike will be higher.
The actual hike after considering VAT would be Rs 1.66 a litre in Delhi for petrol and Rs 1.14 for diesel.
The hike will be effective from midnight tonight.
This is the third time in one month when the petrol price is being increased and in case of diesel, it’s the second in a month.
Petrol price was on December 17 hiked by Rs 2.21 a litre and diesel by Rs 1.79 per litre, excluding local levies. The actual hike after considering VAT came to Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
After today’s hike, petrol in Delhi will now cost Rs 70.60 a litre from tomorrow as compared to Rs 68.94 currently. Similarly, 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) revise rates on 1st and 16th of every month based on average international price in the previous fortnight.
“The current level of international product prices of petrol and diesel and Rupee-US 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,” IOC said in a statement.
It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.