With the recent global fluctuation of oil prices, Indian Oil Corp (IOC) increased the price of petrol by a retail selling price, petrol hiked by 36 paise per litre and diesel gets a price cut by 7 paise per litre in Delhi, effective from Friday midnight. The prices of the oil change will vary in all other states. This is the third time that the price of petrol has increased in last two months, whereas in the case of Diesel prices, it is the second time that the price have been reduced.
Country’s largest fuel retailer, Indian Oil Corp. Ltd (IOC), said petrol price is being hiked by 28 paise per litre and diesel rate is being cut by 6 paise (all excluding state levies). When included value-added tax (VAT) of 27% on petrol prices, the effective increase in petrol price in Delhi came to 36 paise per litre and for diesel, the price cut came to 7 paise per litre, after including VAT of 17.42%.
In a statement, Indian Oil Corporation (IOC) 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, the Petrol per litre 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 54.89 in Kolkata, Rs 58.10 in Mumbai and Rs 54.06 in Chennai.
Now, the Petrol per litre will cost Rs 64.58 in Delhi, Rs 71.00 in Mumbai, Rs 67.61 in Kolkata and Rs 64.13 in Chennai and for the diesel per litre, it will cost Rs 52.51 in Delhi, Rs 54.83 in Kolkata, Rs 58.03 in Mumbai and Rs 53.98 in Chennai.