New Delhi: State-run
Indian Oil Corporation (IOC) hiked transport fuel rates from Tuesday,
increasing petrol by Rs 2.19 a litre and diesel by 98 paise, both at Delhi,
with corresponding increase in other states.
In a statement issued
by IOC, the corporation said: “The current level of international product
prices of petrol and diesel and the INR-USD exchange rate warrant increase in
prices of petrol and diesel, the impact of which is being passed on to the
consumers with this price revision”. “The movement of prices in the
international oil market and the rupee-USD exchange rate shall continue to be
monitored closely and developing trends of the market will be reflected in
future price changes,” it added.
With the increase in
price, petrol per litre now costs Rs.61.87 in Delhi, Rs.65.48 in Kolkata, Rs.67.96
in Mumbai and Rs.61.32 in Chennai, whereas the price of diesel per litre is
Rs.49.31 in Delhi, Rs.51.58 in Kolkata, Rs.56.09 in Mumbai and Rs.50.09 in
Chennai.
State-owned fuel
retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum
Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month
based on the average oil price and the foreign exchange rate in the preceding
fortnight. The revision was due last week, but the retailers chose to defer it
by a day.
While this is the
second straight increase in the price of petrol, this is the fourth straight
fortnightly increase in the price of diesel.
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