Petrol and diesel prices have been increased recently by Rs 0.89 and Rs 0.86 respectively. The hike in international prices of fuel have warranted an upward revision in fuel prices in India as well.
This revision in rates was announced by Indian Oil Corp over the weekend. After adding the VAT or local sales tax, petrol costs Rs 67.62 per litre in Delhi and diesel is priced at Rs 56.41 per litre. So, petrol prices now see a hike of Rs 1.17 from Rs 66.45 per litre and diesel by Rs 1.03 over the earlier Rs 55.38 per litre.
The petrol prices were last increased on October 16 by Rs 1.73 a litre, when the diesel prices also climbed by Rs 2.77 per litre. Since September 1, this is the sixth price hike for petrol, which now totals up to Rs 7.53 per litre in a couple of months. On the other hand, the last three diesel price hikes total to Rs 3.90 per litre.
It is the norm for Indian fuel retailers to review these fuel prices every fortnight. Depending on these fluctuating global rates of fuel and the Rupee-US Dollar exchange rate, the impact of this is passed on to the consumers.
Source: PTI
