Oil marketing companies (OMCs) on Monday announced Rs 0.64 a litre increase in petrol prices and a Rs 1.35 per litre cut in diesel prices to align the domestic rates with global price benchmarks.
After the revision in prices, to be effective midnight, petrol would be priced at Rs 66.93 a litre in Delhi, including state taxes. Diesel would now cost Rs 50.93 a litre.
Petrol and diesel prices were last revised on May 16 when retail price of petrol was increased by Rs 3.13 a litre along with a Rs 2.71 a litre increase in diesel prices.
“Since the last price change, there has been an increase in international prices of petrol, while international prices of diesel have shown a downward trend,” Indian Oil Corporation (IOC), India’s largest fuel retailer, said in a statement.
“The rupee-dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change.”
Petrol and diesel prices are market linked.
The three hikes in petrol rates have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August. In case of diesel, the reduction has partly restored the gains taken away in May.