Petrol price hiked by 64 paise per litre, diesel price cut by Rs 1.35/L

New Delhi, June 15: The government on Monday hiked petrol prices by 64 paise per litre and cut diesel prices by Rs 1.35 litre.

This is the third increase in petrol price since May. However, in case of diesel, the reduction has halted two consecutive increases during last month.

The new prices will be effective from midnight tonight after which the price of petrol in Delhi will become Rs. 66.93/litre while that of diesel will be Rs. 50.93/litre.

Petrol and diesel prices were earlier raised on May 16 for the second time within a fortnight. Petrol prices were by Rs 3.13 per litre and diesel by Rs 2.71 a litre, tracking global cues. However, on June 1, companies skipped raising rates by 30-40 paise that had become necessary due to rise in international rates.

"Since last price change, there has been an increase in international prices of petrol while international prices of Diesel have shown a downward trend.

"Indian rupee-US dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change," Indian Oil Corp (IOC) said in a statement.

The three hikes in petrol rates have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August.

In case of diesel, the reduction has partly restored the gains taken away in May. 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.

OneIndia News

(With inputs from agencies)