Petrol price hiked by 36 paise; diesel up 87 paise

Move follows firming up of global rates; it's the first petrol price hike in five months, third in diesel since October

Petrol price was hiked today by 36 paisa a litre, while that of diesel by 87 paisa per litre in line with firming global rates.

This is the first hike in petrol price in five months and the third in diesel rates since October.

Petrol will cost Rs 61.06 per litre from midnight tonight as against Rs 60.70 a litre currently, said Indian Oil Corp, the nation's largest fuel retailer.

A litre of diesel will from tomorrow cost Rs 46.80 as compared to Rs 45.93 per litre currently.

"The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement here.

Last time the price of petrol was on July 16 when rates were increased by 32 paisa. Since then prices have been cut on four occasions - by Rs 2.43 on August 1.27 on August 1, by Rs 2 on September 1 and by 50 paisa on last price change on November 1.

Diesel rates were not changed on November 1 but had been hiked by 95 paise on October 16 and by 50 paise on October 1. Rates of diesel were on September 1 reduced by 50 paise 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.

"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the IOC statement added.