State-run Indian Oil Corporation on Sunday hiked the price of petrol by 1 paise per litre and that of diesel by 44 paise a litre. As the hike announced excludes state levies, the actual increase in the cost of fuel will be higher after taking local value added taxes into account.
“The current level of international product prices of petrol and diesel and the 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,” IOC said. The company also added that it would monitor the dollar exchange rate and decide on future price changes on the basis of developing market trends, PTI reported.
Petrol will now costs Rs 68.09 in Delhi, Rs 71.17 in Chennai, Rs 70.68 in Kolkata and Rs 77.46 in Mumbai. Similarly, diesel will cost Rs 57.35 in Delhi, Rs 60.71 in Chennai, Rs 59.61 in Kolkata and Rs 63.12 in Mumbai. Fuel prices were last revised on April 16 when petrol became dearer by Rs 1.39 per litre, while diesel rates went up by Rs 1.04 a litre.
From Monday onwards, state-run oil corporations will revise the prices of petrol and diesel every day to reflect the volatility in the markets. The daily changes in rates will be based on the movement of prices in the international market. Oil firms will begin with implementing this scheme on a pilot basis in the five cities of Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam.
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