Oil companies have increased petrol price by Rs 0.13 per litre whereas decreased diesel prices by Rs 0.12 per litre. The new prices will be effective from midnight tonight. The change in prices comes 15 days after petrol and diesel prices were decreased by Rs 1.46 per litre and Rs 1.53 per respectively. Notably, On November 5 petrol price was raised by 89 paise per litre, the sixth increase in rates since September, and diesel by 86 paise a litre, the third increase in a month. The revised price announced by Indian Oil Corp (IOC) is excluding local sales tax or VAT and will be effective from midnight tonight.
Global Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world’s largest oil producers gathered in Vienna to try to agree a production cut that could be bigger than expected. Brent crude futures for delivery in January were up $3.83, or 8.3 percent, at $50.21 a barrel by 1236 GMT, recovering from a drop of nearly 4 percent on Tuesday and on course for their biggest one-day move in nine months. Brent crude for delivery in February was up $3.76 at $51.08 a barrel.