New Delhi: Petrol price was on Wednesday marginally hiked by 5 paise a litre and diesel by Rs.1.26 a litre, the fourth increase in rates in six weeks.
Petrol will cost Rs.65.65 a litre in Delhi from Wednesday midnight as compared to Rs.65.60 per litre currently, Indian Oil Corp, the nation’s largest fuel retailer, announced. Similarly, diesel will cost Rs.55.19 per litre as against Rs.53.93 a litre currently.
This is the fourth increase in auto fuel prices since 1 May. Petrol price was last hiked by Rs.2.58 a litre on 1 June and diesel by Rs.2.26 a litre following oil prices crossing $50 per barrel mark. Petrol prices in the four hikes have been raised by Rs.4.52 a litre, while diesel rates have gone up by Rs.7.72 per 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.
Barring an exemption on 16 April, when price of petrol was cut by 74 paise a litre and diesel by Rs.1.30, the upward trend in rates has been a phenomenon since 17 March. Petrol price was increased by Rs.3.07 a litre on 17 March and Rs.2.19 per litre on 4 April.
In case of diesel, there were four straight hikes prior to that cut. The hikes totaled Rs.4.63 per litre. After discounting the 16 April reduction, petrol prices have jumped by Rs.9.04 per litre since mid-March and diesel by Rs.11.05 per litre.
The movement of prices in the international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC added.