New Delhi Aug 31, 2016: Petrol price was today raised by Rs 3.38 per litre while diesel rate was increased by Rs 2.67 per litre. Revised rates will take effect from midnight.
"During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over $5/bbl) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products," said Indian Oil Corp, the country’s largest fuel retailer.
After today’s revision, consumers will have to shell out Rs 63.47 for a litre of petrol in Delhi, and Rs 52.94 for a litre of diesel, as against Rs 60.09 and Rs 50.27, respectively, until now.
Fuel prices were last revised on August 15, when petrol was made cheaper by Rs 1 a litre and diesel by Rs 2 per litre.
"The current level of international prices warrant an increase in prices of Petrol and Diesel, the impact of which is being passed on to the consumers. In view of above, Indian Oil Corporation Ltd. has decided to effect the following price changes w.e.f midnight of 31st August 2016 / 01st September 2016," IOC added.
Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.