Petrol prices hiked by 5 paise per litre, diesel by Rs 1.26.

petrol

Petrol price was on Wednesday hiked by 5 paise per litre while diesel rate was increased by Rs 1.26 per litre. Revised prices will take effect from the midnight of midnight of 15th June 2016 / 16th June 2016.

After Wednesday’s revision, a litre of petrol will cost Rs. 65.65 in Delhi whereas diesel will retail at Rs 55.19/litre, Indian Oil Corporation (IOC) said.

The increase in domestic petrol and diesel prices reflect a surge in global oil prices which have nearly doubled from its January lows. Currently, global crude prices are hovering around $50 per barrel.

Prices of the fuels were last revised on June 1, when petrol was made expensive by 2.58 per litre and diesel by Rs 2.26 a litre.

State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the rates on the 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

After discounting the April 16 cut in prices, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 a litre.

The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, said IOC, India’s largest fuel retailer.

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