(FE)
Indian Oil Corporation (IOC) today raised petrol price by 1 paisa a litre and diesel by 44 paise a litre following the fluctuations in crude prices which have been swinging between the push and pull from coordinated output cuts by major producers on one side, and rising US stockpiles on the other.
The petrol and diesel price hikes, which will be effective from midnight today, comes on the back of Rs 1.39 per litre increase in petrol and Rs 1.04 a litre raise in diesel rates that was announced on April 16. Consumers should know that the actual increase in prices will be more local VAT is taken into account.
Now petrol price in Delhi will go up from Rs 68.07 per litre to Rs 68.09 and that of diesel from Rs 56.83 to Rs 57.35 a litre. Indian Oil Corp (IOC) in a statement said, “The current level of international product prices of petrol and diesel and INR-USD 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.”
The three state-run oil marketing firms – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and usually revise them every fortnight to pass on the impact of global crude oil prices on their purchases.
