Petrol Price Hike by 89 paise and Diesel Price Hiked by 86 paise
Petrol price was raised today by 89 paise a litre, the sixth increase in
rates since September 2016, and diesel by 86 paise a litre, the third
increase in a month.
The price hike announced by Indian Oil Corp (IOC) is excluding local
sales tax or VAT and will be effective from midnight tonight.
After including VAT, petrol in Delhi will cost Rs. 67.62 a litre from midnight tonight, up Rs. 1.17 from Rs. 66.45 a litre currently.
Similarly, diesel will cost Rs. 56.41 a litre after including VAT in Delhi, up Rs. 1.03 as compared to Rs. 55.38 at present.
This is the sixth increase in petrol price since September 1, the last hike being on October 16 by Rs. 1.73 a litre. The five previous hikes had totalled to Rs. 6.36 a litre and after including today’s increase, the price of petrol has gone up by Rs. 7.53 per litre in just over two months.
In case of diesel this is the third price increase in a month, the previous being of Rs. 2.77 a litre on October 16. The three price increases total to Rs. 3.90 a litre.
“The current level of international product prices of petrol and diesel
and rupee-US dollar exchange rate warrant increase in selling price of
petrol and diesel, the impact of which is being passed on to the
consumers with this price revision,” IOC said in a statement.
IOC said 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.
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