State run fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) have hiked diesel price by 95 paise per litre. The new rates announced by the oil marketing companies (OMCs) will be effective from October 16, 2015. As a result, price of diesel in Delhi will be Rs 45.90 per litre as against Rs 44.95 per litre. This is the second hike in diesel prices this month. However the price of petrol has been kept unchanged for the second time.
At the last revision on October 1, prices of Petrol were kept untouched and Diesel was increased by 50 paise per litre, on account of rise in international crude prices. The retailers had skipped the revision of fuel prices scheduled for September 15 on the ground that the difference between production cost and retail rate was 'marginal'. During the revision on September 1, petrol was cut by Rs 2 per litre while diesel price was reduced by 50 paise. Petrol currently costs Rs 61.20 per litre in Delhi.
PSU oil marketing companies Indian Oil Corporation, Bharat Petroleum Corp and Hindustan Petroleum Corp revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rates in the previous fortnight. The oil companies have said that 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.