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Petrol Price hiked by 58 Paise and Diesel cut by 31 Paisa

Snapshot: Amidst the recent global oil price fluctuation, state-run Indian Oil Corp (IOC) increased the price of petrol by a steep retail selling price.

Amidst the recent global oil price fluctuation, state-run Indian Oil Corp (IOC) increased the price of petrol by a steep retail selling price, petrol hiked by Rs 58 paisa/ litre and diesel gets a price by Rs 31 paisa/ litre in Delhi, effective from Thursday midnight. The price changes will vary in other states. Now, the price of petrol in Delhi stood at Rs 63.47/ litre while diesel costs Rs 52.94/ litre. While the international crude oil prices were trading at $46.18/ barrel.

In a statement, Indian Oil Corporation said "The current level of international product prices of Petrol and Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and decrease in selling prices of Diesel, the impact of which is being passed on to the consumers with this price revision."

Earlier, public sector oil marketing companies announced a raise in the retail selling price of petrol and diesel by Rs 3.38/ litre and Rs. 2.67/ litre, dated August 31 that was a reverse to the two month declining. Defending the quantum, the company said that the prices of petrol and diesel have been reduced on four occasions in last two months due to the decreasing international oil prices.

Now, the Petrol per litre will cost Rs 64.21 in Delhi, Rs 69.13 in Mumbai, Rs 67.42 in Kolkata and Rs 63.76 in Chennai and for the diesel per litre, it will cost Rs 52.59 in Delhi, Rs 58.10 in Mumbai, Rs 54.89 in Kolkata and Rs 54.06 in Chennai.

As per official data, the international crude oil trade has been closed at $44.44/ barrel

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