Petrol prices soared by Rs 2.19 per litre and that of Diesel by 98 paise per litre. Indian Oil Corporation Ltd. has decided to effect the following price changes with effect from midnight of 16th March / 17th March, 2016. Earlier, on March 16, petrol price was hiked by as much as Rs 3.07 a litre, reversing its 3-month declining trend, while diesel rates went up by Rs 1.90 per litre.
While this is the second straight increase in price of petrol, this is the fourth straight fortnightly increase in diesel rates. The three hikes in diesel rates since February 16 total Rs 3.65 per litre.
After the price revision, petrol now cost Rs 61.87 per litre as against Rs 59.68 per litre in Delhi. While the retail selling price of the diesel is increased by Rs 0.98 per litre that means diesel will now cost Rs 49.31 per litre instead of Rs. 48.33 per litre in Delhi (including State levies) with corresponding price revision in other States.
“The current level of international product prices of Petrol & Diesel and INR-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,” IOC said in a statement. “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,” IOC added.