Petrol price hiked by Rs 1.29, diesel by Rs 0.97 per litre

Petrol price was on Sunday hiked by Rs 1.29 per litre and diesel by Rs 0.97 per litre respectively with effect from midnight tonight. Petrol in Delhi will cost Rs 70.60 per litre from midnight tonight as against Rs 68.94 currently, while a litre of diesel will cost Rs 57.82 compared to Rs 56.68 at present. The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher. The prices were last revised on December 16, when petrol was increased by Rs 2.21 a litre while diesel was hiked by Rs 1.79 per litre. This is the third hike in petrol prices in one month and the second in case of diesel in one fortnight. Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates on 1st and 16th of every month based on average international price in the previous fortnight. “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. It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely, adding that developing trends of the market will be reflected in future price changes. With inputs from PTI