Petrol price hiked by 36 paise; diesel up 87 paise
Petrol price was hiked today by 36 paisa a litre, while that of diesel by 87 paisa per litre in line with firming global rates. This is the first hike in petrol price in five months and the third in diesel rates since October 2015
"The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.Last time the price of petrol was on July 16 when rates were increased by 32 paisa. Since then prices have been cut on four occasions - by Rs 2.43 on August 1.27 on August 1, by Rs 2 on September 1 and by 50 paisa on last price change on November 1.
Diesel rates were not changed on November 1 but had been hiked by 95 paise on October 16 and by 50 paise on October 1. Rates of diesel were on September 1 reduced by 50 paise a litre.
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.
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