Petrol price hiked by 5 paise a litre, diesel by Rs. 1.26

The price of petrol was increased by 5 paise a litre and that of diesel by Rs. 1.26 a litre on Wednesday, the fourth increase in six weeks.

Petrol will cost Rs. 65.65 a litre in Delhi from Wednesday, Indian Oil said. Diesel will cost Rs. 55.19 a litre as against Rs. 53.93 a litre currently.

Petrol price was last increased by Rs. 2.58 a litre and diesel by Rs. 2.26 a litre on June 1 as crude prices crossed the $50-a-barrel mark.

Petrol prices have been raised by a total of Rs. 4.52 a litre in the four hikes, while the diesel rates have gone up by Rs 7.72. The international product prices of petrol and diesel and the exchange rate warrant an increase, the impact of which is being passed on to the consumers, Indian Oil said. Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates has been a phenomenon since March 17.

Petrol price was increased by Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4. In case of diesel, there were four straight hikes prior to that cut. The hikes totaled Rs 4.63 per litre.

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

The movement of prices in the international oil market and Rupee—USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC added.


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