Petrol-Diesel price hiked by Rs 3.96 and Rs 2.37/ ltr respectively - RNews1 Network

Petrol-Diesel price hiked by Rs 3.96 and Rs 2.37/ ltr respectively

Petrol and Diesel, Petrol-Diesel, price hiked, Petrol-Diesel price hiked, IOC, Indian Oil Corporation,
New Delhi : Oil marketing companies on Thursday decided to increase the petrol-diesel prices after two rounds of cuts and Petrol and diesel prices were on Thursday hiked by Rs 3.96 and Rs 2.37 per ltr respectively. The hiked prices come on the back of a highly depreciated rupee and a surge in global crude prices.

The hike in petrol and diesel prices, which are effective from midnight tonight, come after the fuel prices were cut on April 1 when petrol prices were cut by 49 paise per litre, diesel by Rs 1.21 per litre, but LPG cylinder rates hiked by Rs 11. In the second reduction in a month, petrol prices were cut by 80 paise per litre and diesel by Rs 1.30 a litre on global cues on April 15.

A statement from Indian Oil Corporation says,“Since last price change, there has been a sharp increase in the international prices of Petrol & Diesel. INR-USD exchange rate has also depreciated during this period. Therefore, combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to the consumers with this price increase.”

The hike is a part of the regular fortnight fuel price revision undertaken by OMCs to adjust to the rupee and other global factors. Petrol prices have been cut 10 times since August 2014, and diesel 6 times since October 2014. Cumulatively, petrol prices had been cut by Rs 17.11 per litre in 10 reductions since August and diesel by Rs 12.96 a litre since its deregulation in October.

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