Oil marketing companies (OMCs) have hiked prices of petrol and diesel by Rs 2.19 per litre and 98 paise per litre respectively on the back of a further hardening of global crude oil rates.
Following the revision, the price of petrol in Delhi will now cost Rs 61.87 per litre as against Rs 59.68 currently, whereas a litre of diesel will cost Rs 49.31 compared with Rs 48.33 at present. Further, Petrol per litre will now cost Rs 65.48 in Kolkata, Rs.67.96 in Mumbai and Rs.61.32 in Chennai. The price of diesel per litre will cost Rs 51.58 in Kolkata, Rs 56.09 in Mumbai and Rs 50.09 in Chennai.
The hike comes on the back of steep increases of Rs 3.07 per litre and Rs 1.90 per litre on petrol and diesel rates, respectively, on March 17. This is the second straight increase in petrol price, while it is fourth straight increase in diesel rates. The three hikes in diesel rates since February 16 total Rs 3.65 per litre.
State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight. The revision was due last week, but the retailers chose to defer it by a day.