Petrol and diesel prices all across the nation were hiked up from Saturday midnight, following a steep rising in international crude oil rates. It is the second consecutive increase in the prices of these fuels this month. Petrol and diesel prices have been up by Rs 3.18 per litre and Rs 3.09 per litre, respectively. The revised prices of petrol and diesel in the national capital Delhi after the hike are Rs 60.49 per litre and 49.71 per litre, respectively.
"Prices of petrol and diesel were last revised upwards with effect from February 16 by Rs 0.82 per litre and Rs 0.61 a litre respectively (including state levies at Delhi)... Since the above price revision, there has been further steep increase in international prices of both petrol and diesel," Indian Oil Corp (IOC) said in a statement. "The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," the IOC statement further added. Cumulatively, petrol price had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October.
Prior to the increases this month, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014. However, the continuous deregulation in petrol and diesel prices came to an end on February 16, when rates were raised. Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel. The IOC state also said that the slight depreciation in rupee-dollar exchange rate together with firming international rates warrant increase in retail selling price of petrol and diesel.