Reversing the three month declining trend for petrol prices, the petrol and diesel prices have been hiked by Rs 3.07 and Rs. 1.90 per litre for diesel. Owing to the fresh hike in price, petrol in Delhi now costs about Rs 59.68 per litre as against the older price of Rs 56.61 per litre, while diesel now costs Rs 48.33 per litre as against earlier price of Rs 46.43 per litre.
Speaking more on the occasion, IOC issued a statement stating, “The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to consumers with this price revision. The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”
Earlier this month, petrol price was slashed by Rs 3.02 per litre, while diesel price was dropped by Rs 1.47 per litre. Though international oil prices have dropped considerably in recent times, the government had on five occasions hiked the hiked duty on then which helped them gain an additional Rs 17,000 crore as additional revenue.
