Indian Oil Corp has hiked Rs. 3.38 and Rs. 2.67 per liter for petrol and diesel respectively, after a two-month declining trend.
After this increment, Petrol costs Rs. 63.47 a litre in Delhi up from Rs. 60.09 a litre in Delhi, said Indian Oil Corp.
A litre of diesel costs Rs. 52.94 per litre as against Rs. 50.27.
The hike in fuel price, necessitated by a 13 per cent rise in international oil rates in the last fortnight, comes on the back of four reductions.
On August, the rates were cut by Rs. 1 per litre in case of petrol and Rs. 2 in diesel.
The four reductions in last two months had led to the price of petrol in Delhi coming down by Rs. 5.56 a litre and Rs. 4.92 per litre in case of diesel.
“During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over $5 per barrel) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products.
“The current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers,” IOC said in a statement.
On 1st and 16th of every month, IOC and other State-owned fuel retailers, Hindustan Petroleum Corp. Ltd. (HPCL) and Bharat Petroleum Corp. Ltd. (BPCL) revise petrol and diesel price based on international oil rate and foreign exchange ratio in the preceding fortnight.
“The movement of prices in the international oil market and Rupee-U.S. Dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the IOC statement added.