Petrol Price Hiked By Rs 1.23 Per Litre; Diesel 89 Paise:- In sync with rising international fuel rates, the petrol price yesterday hiked by Rs 1.23 per litre and diesel by 89 paise a litre.
The hike in price effective from midnight tonight, comes on the back of a Rs 2.16 per litre cut in petrol, and a Rs. 2.10 a litre reduction in diesel prices, effective from May 16.
In Delhi, from June 1, the petrol price will cost Rs 66.91 per litre as against Rs 65.32 per litre currently. Similarly, a litre of diesel will be priced at Rs 55.79, as compared to Rs 54.90 at present.
The Nation’s largest fuel retailer, Indian Oil Corporation (IOC) announcing the price hike said, the rates have been hiked excluding the local state levies or VAT, and depending on the tax rate, the actual increase will be higher.
IOC said in a statement, “The present level of international product prices of petrol, diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the customers with this price revision.”
The statement further read, the fluctuation of prices in the international oil market and INR-USD exchange rate will continue to be monitored closely and the developing trends of the market will be reflected in future price changes.