Petrol price hiked by Rs 2.21, diesel by Rs 1.79 today; to be effective from midnight

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New Delhi | Updated: Dec 16, 2016 9:14 PM

In another setback for the public at large, oil marketing companies announced a petrol and diesel price hike.

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In another setback for the public at large, oil marketing companies announced a petrol and diesel price hike. The rationalising of petrol and diesel prices to reflect the market price has led to regular price hikes, but these have also been cut too. Petrol price was hiked by Rs 2.21, diesel by Rs 1.79 today; to be effective from midnight. This comes in the wake of reports in the morning saying that PSU oil companies have deferred a planned Rs 2.26 a litre hike in petrol and Rs 1.78 increase in diesel. Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates, particularly when a price cut is necessitated, on 1st and 16th of every month based on average international price in the previous fortnight.

Previously, petrol prices in Delhi was Rs 66.10 per litre, while that of diesel was Rs 54.57. While in the last revision of rates, in December, petrol prices were hiked by 13 paise, diesel rates were cut by 12 paise.

Prior to the December 1 price change, rates were hiked by Rs 1.46 a litre in the case of petrol and Rs 1.53 per litre for diesel, excluding local levies, on November 16.

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Earlier in the day, an increase that was warranted because of a rise in international gasoline (petrol) price to USD 62.82 per barrel from USD 57.43 and that of diesel to USD 60.97 from USD 56.79 was deferred today. The surge in international price, which was moderately tempered by strengthening of the rupee to Rs 68.05 from Rs 68.23 a dollar, had necessitated Rs 2.26 a litre hike in petrol and Rs 1.78 in diesel, officials said.

Industry sources said the deferment may be for a day or two as Parliament is in session and any hike would have added to the discomfort for the government, particularly when it is facing heat over hardships caused by currency demonetisation.

(With inputs from agencies)

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