Petrol price hiked by 42 paise/litre, diesel by Rs.1.03

Petrol price was hiked by 42 paisa a litre and diesel rate was raised by Rs 1(point)03 a litre. For petrol, the increase is the fourth in 6 weeks while for diesel, it is the second hike in a fortnight.

The increase in rates, which are effective from midnight tonight, are excluding state levies and the actual hike will be higher, the oil companies announced. After including VAT, the hike in Delhi comes to 53 paisa and in case of diesel it will be Rs 1.20 a litre.

Petrol will cost Rs 71.13 a litre from midnight as against Rs 70.60 currently. Similarly, a litre of diesel will



be priced at Rs 59.02 as opposed to Rs 57.82 currently. This is the fourth increase in petrol price in six weeks and the third in case of diesel in one month. 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.

IOC said in a statement that the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.