Petrol and diesel prices increased by Rs 3.38 and Rs 2.67 per litre respectively

Amid the recent fluctuation in global oil prices, the PSU Oil Marketing Companies (OMCs) have increased prices of petrol by Rs 3.38 per litre and diesel rates by Rs 2.67 per litre. The new rates announced are effective from midnight August 31 and September 1.

With this increase, retail selling price of Petrol will become Rs 63.47 per litre in Delhi as compared to Rs 60.09 a litre, while the diesel will now cost Rs 52.94 a litre as against Rs 50.27 a litre. In the last revision on August 15, Petrol price was cut by Re 1 per litre and Diesel rate was reduced by Rs 2 a litre.

According to IOC the country's largest fuel retailer, the current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers . It further said that the movement of prices in the international oil market and Rupee-US Dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.  

The three PSU OMCs, Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise petrol and diesel price on 1st and 16th of every month based on international oil rate and foreign exchange ratio in the preceding fortnight.