In order to align the domestic rates of the automobile fuels with global benchmark, Oil marketing companies (OMCs) has hiked the price of petrol and diesel by Rs 3.07 per litre and Rs 1.90 per litre respectively. The new rates announced by OMCs which includes state levies will come into effect from midnight March 16/17.
After the price change, petrol will be priced at Rs 59.68 per litre in Delhi as against Rs 56.61 currently, while diesel will be at Rs 48.33 per litre, compared with Rs 46.43 a litre at present. However, a litre of petrol will cost Rs 63.76 in Kolkata; Rs 65.79 in Mumbai, and Rs 59.13 in Chennai, whereas the price of diesel per litre will be Rs 50.75 in Kolkata, Rs 55.06 in Mumbai and Rs.49.09 in Chennai.
The hike in petrol price turns the clock back on the declining trend since January. This is the first hike in petrol prices after seven consecutive reductions. However, for diesel prices, this is the third consecutive hike. Fuel prices were last revised when the Union Budget 2016 was presented on February 29 where petrol was made cheaper by 3.02 per litre and diesel price was hiked by Rs 1.47 per litre.