The Government has hiked petrol prices by Rs. 3.38 a litre, whereas Diesel rates have been increased by Rs. 2.67 a litre. The new rates will be effective from midnight tonight. Petrol will cost Rs 63.47 a litre in Delhi from midnight tonight, up from Rs 60.09 a litre. Before this, the petrol rates were slashed four times in a duration of two months.
“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 the previous fortnight, with a corresponding increase in the international prices of petroleum products,” Indian Oil Corporation said making their fortnightly revision in fuel prices.
Last change in prices came on August 15, when petrol prices were cut by Re 1 per litre and diesel prices were cut by Rs 2 a litre. Currently, the petrol costs Rs 60.09 a litre in Delhi, while the diesel costs Rs 50.27 a litre. The four-time slashing of rates came after the government had faced sharp criticism by opposition parties for not passing the benefits of lower oil prices to the consumers.
“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” the Indian Oil Corporation had said after prices were slashed last month.