Petrol price was today raised by Rs 3.38 per litre even if diesel rate was increased by Rs 2.67 per litre. Revised rates will receive effect from midnight.
"During the current fortnight, sloppy oil prices in the international space around have witnessed a steep growth by 13 per cent (again $5/bbl) compared to a previous fortnight, following a corresponding exaggeration in the international prices of petroleum products," said Indian Oil Corp, the country's largest fuel retailer Corp.
After today's revision, consumers will have to shell out Rs 63.47 for a litre of petrol in Delhi, and Rs 52.94 for a litre of diesel, in compare to Rs 60.09 and Rs 50.27, respectively, until now.
Fuel prices were last revised in the report to August 15 when petrol was made cheaper by Rs 1 a litre and diesel by Rs 2 per litre.
The movement of prices in the international oil manner and Rupee-U.S. Dollar argument rate shall continue to be monitored closely and developing trends of the advance will be reflected in subsequent to then price changes, the IOC upholding accessory.
The current level of international prices warrants an ensue in prices of Petrol and Diesel, the impact of which is physically passed concerning the subject of to the consumers. In view of above, Indian Oil Corporation Ltd. has granted to effect the gone price changes w.e.f midnight of 31st August 2016 / 01st September 2016,IOC added.
Petrol and diesel prices are deregulated in India, which means they are related to push rates.
State-owned fuel retailers Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp Ltd (HPCL) vary rates of the fuels apropos the 1st and 16th of everyone of one of a month based upon the average oil price and foreign dispute rate in the preceding fortnight.
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