Petrol prices have been hiked by Rs 1.39 per litre and cost of diesel has gone up by Rs 1.04 per litre, excluding state levies, from Sunday. The Indian Oil Corporation Limited released a statement Saturday night announcing the price revision. “The current level of international product prices of Petrol & Diesel and INR-USD 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,” IOCL said in its statement. The company also added that it would continue monitoring dollar exchange rate and price movement in international markets.
The hike comes on the back of a Rs. 4.85 per litre reduction in rates of petrol and Rs. 3.41 a litre in diesel effected from April 1, reports PTI. Adding that the “developing trends” will be reflected in “future price changes”, the statement said, “IOCL intends to shortly start daily changes in price of Petrol and Diesel based on movement of prices in international market, on pilot basis, in the cities of Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag.” Petrol in Delhi currently costs Rs. 66.29 a litre while a litre of diesel is priced at Rs. 55.61.
Earlier, state-owned fuel retailers like IOCL, Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) had announced that come May 1, they would be launching a pilot for daily price revision in five select cities and gradually extend it to all over the country. Following this, fuel prices would change every day in sync with international rates which is similar to what happens in most advanced markets. These four companies own over 95 per cent of nearly 58,000 petrol pumps in the country. “Ultimately, we will be driving towards market linked rates on a daily basis at all pumps across the country,” IOC Chairman B Ashok was quoted as saying to PTI.
(With PTI inputs)