Petrol and diesel prices have witnessed yet another steep hike. The price of petrol has shot up by Rs 3.96 per litre while diesel will increase by 2.37 per litre. The last petrol and diesel price hike took place in February when the rates were increased by Rs 3 per litre for both the fuels. With this new price hike in effect, a litre of petrol in the National Capital will cost Rs. 63.16 while diesel will cost Rs 49.57 per litre.
Petrol prices were slashed on as many as 10 occasions since August while diesel prices saw six price cuts since October 2014. This steep price hike is a result of a sharp increase in international prices of crude oil and depreciation of the rupee-dollar exchange rate.
In an official statement, Indian Oil Corporation said, “Since last price change, there has been a sharp increase in the international prices of Petrol & Diesel. Rupee-dollar exchange rate has also depreciated during this period. Therefore, combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to the consumers with this price increase.”