New Delhi: Petrol price on Saturday was raised by 89 paise per litre, the sixth increase in rates since September, and diesel by 86 paise a litre, the third increase in a month.
The price hike announced by Indian Oil Corp. Ltd (IOC) is excluding local sales tax or VAT and will be effective from midnight on Sunday. After including VAT, petrol in Delhi will cost Rs.67.62 a litre from midnight, up Rs.1.17 from Rs.66.45 per litre currently.
Similarly, diesel will cost Rs.56.41 a litre after including VAT in Delhi, up Rs.1.03 as compared to Rs.55.38 at present. This is the sixth increase in petrol price since 1 September, the last hike being on 16 October by Rs.1.73 a litre.
The five previous hikes had totalled to Rs.6.36 a litre and after including Saturday’s increase, the price of petrol has gone up by Rs.7.53 per litre in just over two months. In case of diesel this is the third price increase in a month, the previous being of Rs.2.77 per litre on 16 October.The three price increases total to Rs.3.90 a litre.
“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.
IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.