2016 Petrol Price Revision Friday Sep 30,2016

Petrol Price Hiked by 28 paise and  Diesel Price Lowered by 06 paise

Petrol price was on Friday hiked by 28 paise per litre while diesel rate was lowered by 6 paise per litre (excluding state levies). Revised rates will take effect from midnight.

"The current level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant increase in selling price of Petrol and decrease in selling prices of Diesel, the impact of which is being passed on to the consumers with this price revision," said Indian Oil Corporation, the country's largest fuel retailer.

After this revision, consumers will have to shell out Rs. 64.58 for a litre of petrol in Delhi, and Rs. 52.51 for a litre of diesel, Indian Oil Corp said on its website.  

Currently petrol retails at Rs. 64.21 per litre and diesel at Rs. 52.59 a litre in the national capital.

Also, petrol prices in the other major cities will be: Rs. 67.61/litre in Kolkata; Rs. 71.00/litre in Mumbai, and Rs. 64.13/litre in Chennai. And diesel prices will be: Rs. 54.83/litre in Kolkata; Rs. 58.03/litre in Mumbai, and Rs. 53.98/litre in Chennai.

Fuel prices were last revised on September 15, when the price of petrol was hiked by 58 paise per litre while that of diesel was slashed by 31 paise per litre.

Petrol and diesel prices are deregulated in India, which means they are linked to market rates.

State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.