(LiveMint)
Petrol and diesel prices were hiked today for the first time in more than a month on the back of rising international rates and weakening rupee. The increase of 16 paisa a litre in petrol and 12 paisa per litre in diesel comes after an 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to Opec decision to raise output by 1 million barrels per day. With the revision, petrol prices in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel prices to Rs 67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp. Ltd (IOC).
In Mumbai, petrol prices were Rs83.10, while diesel prices stood at Rs71.62. In Bengaluru, petrol will cost Rs76.94, while diesel prices were Rs68.47. Petrol prices in Chennai rose to Rs78.57, while diesel prices were Rs71.24. The three state-owned fuel retailers, IOC, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since 26 June. “We had not changed prices for a few days in anticipation Opec decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue,” IOC chairman Sanjiv Singh.
