After reducing fuel prices on four occasions in the last two months, petrol and diesel prices saw a hike of Rs 3.38 and Rs 2.67 per litre respectively on Wednesday.
Increase in price of petrol has brought its price at Rs. 63.47/litre while diesel prices have been brought to Rs. 2.67/litre in Delhi.
Four consecutive decreases in fuel prices in last two months saw a reduction in petrol and diesel prices in Delhi by Rs. 5.56 per litre litre for petrol and Rs 4.92 per litre for diesel.
Today’s hike in price rise has been attributed to the steep rise in crude oil prices in the international market.
“During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13% (over $ 5/bbl) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products,” a press release by Indian Oil Corporation said.
“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 added.
“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,” the company said.