In response to global prices and currency fluctuations, the oil marketing companies have decided to lower the prices of petrol and diesel
Petrol price on Saturday was hiked by 89 paise per litre, the sixth increase in rates since September, and diesel by 86 paise a litre, the third increase in a month.The price hike announced by Indian Oil Corp (IOC) is excluding local sales tax or VAT and was effective from Saturday midnight. After including VAT, petrol in Delhi will cost Rs 67.62 a litre, up Rs 1.17.Similarly, diesel will cost Rs 56.41 a litre after including VAT in Delhi, up Rs 1.03 as compared to Rs 55.38 at present.This is the sixth increase in petrol price since September 1, the last hike being on October 16 by Rs 1.73 a litre. The five previous hikes had totalled Rs 6.36 a litre and after including the latest increase, the price of petrol has gone up by Rs 7.53 per litre in just over two months.In case of diesel this is the third price increase in a month, the previous being of Rs 2.77 per litre on October 16.The three price increases totalled Rs 3.90 a litre.
Indian Oil Corp, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd have reportedly been asked to absorb up to Re 1 a litre hike
In Kolkata, Mumbai and Chennai too, prices climbed to new multi-year highs at Rs 76.78, Rs 81.93 and Rs 76.85 per litre respectively, Indian Oil website said
This is the seventh straight day of petrol price increase since oil PSUs on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity
Petrol and Diesel prices have touched all-time highs as the cost of commuting burns a hole in the common Indian's pockets. Want to know where the fuel prices are the lowest? Catch all updates here
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The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates
The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre
Petrol and diesel prices Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
The government does not want to take any populist measures - and derail the fiscal deficit target - in an election year
This is the second increase in petrol rates this month, while in case of diesel it wipes away a part of the hike effected earlier this month
The hike will be effective from midnight tonight
Post the price revision, to be effective tonight, petrol will be priced at Rs 64.76 including state taxes in Delhi while diesel will be priced at Rs 54.70 per liter
She said the price hike will lead to increase in prices of essential commodities
Movement of prices in the international oil market and the Rupee-Dollar exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, said IOC
Post the change, effective today, petrol will be priced at Rs 63.02 per liter while a liter of diesel will cost Rs 51.67 per liter in Delhi, including state taxes
Petrol will cost Rs 60.09 a litre in Delhi from midnight of August 15, as compared to Rs 61.09 a litre currently
The changes will be effective from midnight