The price of petrol was hiked on Saturday evening by Rs 1.39 per litre and diesel by Rs 1.04 a litre, in sync with firming international rates. The hike comes on the heels of a Rs 4.85 per litre reduction in rates of petrol and Rs 3.41 a litre in diesel effective from April 1.
The Indian Oil Corp (IOC), issued a statement saying,
The current level of international product prices of Petrol & 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.
Actual increase in price will be more after taking into account local VAT. Petrol in Delhi currently costs Rs 66.29 a litre while a litre of diesel is priced at Rs 55.61.
The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.
IOC also said it intends to shortly start daily changes in price of petrol and diesel on a pilot basis, in Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag.