With international oil going past USD 50 per barrel, oil companies late last night hiked petrol price by Rs 2.58 per litre and diesel by Rs 2.26 a litre. This was the third increase in auto fuel prices since May 1.
Similarly on diesel, price was increased by Rs 2.94 on May 1 and by Rs 1.26 a per litre on May 17. Barring an exemption on April 16, when price of petrol was cut by Rs 0.74 a litre and diesel by Rs 1.30, the upward trend in rates has been a phenomenon since March 17.
Petrol was increased by Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4. In case of diesel, there were four straight hikes prior to that cut.
The hikes totaled Rs 4.63 per litre. After discounting the April 16 reduction, petrol prices have jumped by Rs 8.99 per litre since mid-March and diesel by Rs 9.79 per litre.
"The current level of international product prices of petrol and diesel and Rupee-USD exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corp (IOC), the nation's largest oil firm, said yesterday while announcing the price hike.
The movement of prices in the international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.