In a setback for motorists very early into the new year, oil distribution companies raised the price of petrol by Rs 1.29 per litre and price of diesel by Rs 0.97 per litre, which is effective from midnight of 1st/2nd January. Petrol and diesel prices were last raised on December 16. While petrol price was hiked by Rs 2.21, diesel was hiked by Rs 1.79. Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates periodically, mostly on the 1st and 16th of every month. The hike is based on average international price in the previous fortnight.
The increase in rates doesn’t include state levies and the actual hike will be higher. The actual hike after considering VAT would be Rs 1.66 a litre in Delhi for petrol and Rs 1.14 for diesel. This is the thirdhike in petrol prices in one month and the second in case of diesel in one fortnight.
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After today’s hike, petrol in Delhi is likely to cost Rs 70.60 a litre from tomorrow as compared to Rs 68.94 currently. Similarly, a litre of diesel will from tomorrow cost Rs 57.82, up from Rs 56.68.
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“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement. After the December 16 hike, petrol in Delhi was priced at Rs 68.94 per litre and diesel at Rs 56.68. IOC statement said,
“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision”.