New Delhi: Petrol and diesel prices were raised on Friday for the second straight time in a fortnight. While petrol prices were hiked by 3.13 per litre, diesel prices were raised by Rs 2.71 per litre, tracking global crude oil prices.
The increase in petrol and diesel prices will be effective from Friday midnight.
After the revision, the price of petrol in Delhi will become Rs 66.29 per litre, while diesel would cost 52.28 per litre in Delhi.
“Since last price change, there has been a steep increase in international prices of both petrol and diesel. INR-USD exchange rate has also depreciated quite significantly during this period. 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,” Indian Oil said in a statement
Fuel prices were last revised on April 30 when petrol prices were hiked by Rs 3.96 per litre while diesel prices were increased by Rs 2.37 a litre.
State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 reductions between October and February.