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Home / Industry / Energy /  Petrol price hiked by Rs1.06 per litre, diesel by Rs2.94 per litre

New Delhi: Petrol price was on Saturday hiked by 1.06 per litre and diesel by 2.94 a litre. Petrol in Delhi will cost 62.19 per litre from effective midnight as against 61.13 currently, said Indian Oil Corp. (IOC), the nation’s largest fuel retailer.

Similarly, a litre of diesel will cost 50.95 compared to 48.01 at present. The hike comes on the back of 0.74 per litre cut in petrol price and diesel by 1.30 a litre on 16 April. “The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," the IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

“The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the company added.

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