Petrol price has been hiked again on Saturday by Rs 1.34 a litre and Rs 2.37 a litre for diesel in lieu of the increase in global rates. This hike excludes state levies and has been announced by oil companies.
The final petrol price after the inclusion of VAT comes down to Rs 66.05 per litre and Diesel is priced at Rs 55.26 per litre in Delhi. The initial prices before the hike was Rs 64.72 per litre for petrol and Rs Rs 52.62 a litre for Diesel. This is the fifth time in two months that the prices of petrol and diesel have been spiked. Before that, the price of petrol had been hiked thrice while diesel price had undergone a decrease by 8paise.
Also, the final petrol prices will vary from state to state. In Kolkata it will be Rs 69.08 per litre, Rs 72.83/litre in Mumbai and Rs 65.96/litre in Chennai. Diesel prices in major cities will be, Rs 57.64 a litre in Kolkata, Rs 61.05 per litre in Mumbai, and Rs 56.95 a litre in Chennai.
According to the Indian Oil Corp (IOC) the increase in prices of petrol and diesel are a result of the present level of international product prices of fuel and also due to the rupee-dollar exchange rate. The rates of fuel are revised by them every fortnight and put to action incase of any fluctuation.