Petrol prices hiked by Rs 3.07 a litre, diesel by Rs 1.9

OMCs want to align domestic rates of automobile fuels with global benchmarks

Oil marketing companies (OMCs) on Wednesday raised the prices of petrol by Rs 3.07 a litre and diesel rates by Rs 1.9 a litre, to align the domestic rates of the automobile fuels with global benchmarks. After the price change, to be effective from Wednesday midnight, petrol will be priced at Rs 59.68 a litre, including taxes, in Delhi, while one litre of diesel will cost Rs 48.33.

“The current level of international product prices of petrol and diesel and the rupee-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,” Indian Oil Corporation (IOC) stated.

IOC is one of the three government OMCs. The other two are Bharat Petroleum Corporation and Hindustan Petroleum. IOC added the movement of prices in the international market and the rupee-dollar exchange rate would continue to be monitored and developing trends of the market would be reflected in future price change.

Fuel prices were earlier revised on February 29, when petrol cost was cut by Rs 3.02 a litre to Rs 56.61 and that of diesel was raised by Rs 1.47 a litre to Rs 46.43.