Price of petrol has increased by Rs. 1.23/litre while Diesel price went up by Rs. 0.89/litre. The hike, which will be effective from Wednesday midnight. In Delhi, the price of petrol went up from Rs 68.09 per litre to Rs 69.32 while that of diesel from Rs 57.35 a litre to Rs 58.24 a litre.
The move to increase the price comes after the price for petrol were cut by Rs 2.16 per litre and Rs 2.10 a litre for diesel prices on May 16. After the price hike petrol will cost Rs 66.91 per litre in Delhi from Thursday, as against Rs 65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs 55.76, as compared to Rs 54.90 at present.
While making the announcement Indian Oil Corporation (IOC) said, the rate hike shall also enclude local state levies or VAT and actual increase will be higher depending on tax rate.
“The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said a statement issued by IOC.
The movement of oil prices in the international markets and fluctuations in the INR-USD exchange rates, will be closely monitored by and the ”developing trends” will be reflected in future prices said the IOC.
With PTI Inputs