Diesel price hiked by 95 paise per litre; no change in petrol rate

Zee Media Bureau

New Delhi: Diesel price was Thursday hiked by 95 paise per litre but there will be no change in petrol rates.

After the second increase this month, diesel will now cost Rs 45.90 per litre with effect from midnight tonight as against Rs 44.95 currently, Indian Oil Corp said.

Rates were increased by 50 paise on October 1 while the price of petrol was also kept unchaged during that time.

"The current level of international prices and rupee-US dollar exchange rate warrant a price increase, which is being passed on to consumers with this price revision," IOC said in a statement.

Petrol price was last revised on September 1 when it was cut by Rs 2 per litre to Rs 61.20 in Delhi. Diesel on that day was reduced by 50 paise.

There was no revision on the subsequent fortnight on September 16 even as a 98 paise per litre hike in petrol and Rs 2.28 a litre increase in diesel rates necessitated due to firming global oil rates.

State-owned fuel retailers -- Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) -- revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

"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," IOC added.

With PTI Inputs