New Delhi: Petrol price was today hiked by Rs 3.96 a litre while diesel price was increased by Rs 2.37 per litre. The new price will be effective from midnight tonight.
The price hike comes after two consecutive reduction in the petrol prices in the month of April. After the hike , petrol will cost Rs 63.16 a litre in Delhi and diesel will be available at Rs 49.57/litre.
This marks the first hike in fuel prices this month. Prices of petrol and diesel were last revised downwards on April 15 when petrol price were cut by 80 Paise/Litre and Diesel by Rs 1.30/Litre.
Rates were last cut by 80 paise per litre on petrol and Rs 1.30 a litre on diesel from April 16. This followed a reduction of 49 paisa a litre in the price of petrol and Rs 1.21 in diesel from April 2.
Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 reductions between October and February. The rates were increased by 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16, and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1.
After these, rates had been cut twice. State-owned fuel retailers 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 international oil market and Rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” IOC said.