Oil marketing companies (OMCs) have hiked prices of petrol and diesel by Rs 1.34 per litre and Rs 2.37 a litre respectively excluding state levies. This is the fourth consecutive price hike in petrol by the government. The price changes effective from midnight of October 15 and October 16 were due to surge in global oil prices.
After including local VAT, Petrol will cost Rs 66.05 a litre in National capital as against Rs 64.72 per litre currently. Similarly, diesel will cost Rs 55.26 per litre in the national capital as against Rs 52.61 per litre currently. Petrol price was last hiked by 14 paise per litre on October 5 and diesel by 10 paise a litre following an increase in commission paid to dealers. Prior to that petrol price had been hiked on three occasions, while diesel price was cut by 8 paise a litre on October 1.
According to IOC the country's largest fuel retailer, the hike in prices is due to 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 further added that the current level of international product prices of petrol and 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.
