Fuel prices saw second surge this month as the per litre price of petrol rose by 83 paise while diesel went up by Rs 1.26. With the new hike in effect, a litre of petrol in New Delhi now costs Rs 63.02 per litre while diesel is priced at Rs. 51.67 per litre. The prices of petrol and diesel were revised at the beginning of this month. Earlier this month, the prices of petrol and diesel were hiked by Rs 1.06 and Rs 2.94 per litre respectively.
State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the rates on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.
In an official statement, country’s largest retailer, Indian Oil said, “The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and the rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”