Petrol price hiked by 5 paise a litre, diesel by Rs 1.26

Petrol price was on Wednesday marginally increased by five paise a litre and diesel by Rs 1.26 a litre, fourth increase in six weeks.

Petrol will cost Rs 65.65 a litre in Delhi from midnight Wednesday, against Rs 65.60 per litre currently, Indian Oil stated. Similarly, diesel will cost Rs 55.19 per litre as against Rs 53.93 a litre currently.

This is the fourth increase in auto fuel prices since May 1. Petrol price was last raised by Rs 2.58 a litre on June 1 and diesel by Rs 2.26 a litre following oil prices crossing USD 50 per barrel mark.

Petrol prices in the four hikes have been raised by Rs 4.52 a litre, while diesel rates have gone up by Rs 7.72 per litre.

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

Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates has been a phenomenon since March 17.

Petrol price was increased by Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4. In case of diesel, there were four straight hikes prior to that cut. The hikes totaled Rs 4.63 per litre.

After discounting the April 16 reduction, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 per litre.

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