The fuel prices in India have been recently increased with respect to the rising global crude oil prices. Petrol price has gone up by 42 paisa a litre and diesel by Rs 1.03 per litre.
These prices were last revised on January 2, when petrol price was incremented by Rs 1.29 per litre and diesel price was raised by Rs 0.97 per litre. This is the second hike in fuel prices within a fortnight. Petrol is now priced at Rs 71.14 per litre in Delhi and diesel costs Rs 59.02 a litre. Indian Oil Corp has stated that these prices are revised after taking into account the additional impact of state taxes.
Indian Oil said in a statement, “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant an increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision. 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."
Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) are the only three state-run oil marketing firms in India. They revise fuel rates on the 1st and 16th of every month based on average international price in the previous fortnight. The impact of this is then passed on to the customers.
