Petrol prices have surged for the the sixth time since September 2016 by a margin of 89 paise, while diesel sees a hike of 86 paise per litre, its third hike in a month. The hike was announced by the Indian Oil Corp (IOC) and was effected from the midnight of the 5th of November. The announced tariffs excluded the local sales tax and Value Added Tax.
It can be noted that just a few days back, on 16th of October, the petrol price had seen a surge of Rs 1.34 a litre. Similarly, diesel price was also hiked on the same day by Rs 2.37 per litre..
According to the IOC, the present international prices for both, petrol and diesel, and the current conversion rates of rupee-to-dollar has caused the prices to increase locally. This price revision imparts a heavy impact on the consumers and local buyers. Moreover, the fluctuations of the international oil market price, along with the USD-INR exchange rates, will continue to be reflected in the future changes as well.
Presently, after the revision of the rates, the surged prices of non-branded petrol in metropolitans will read as: Rs. 67.62 in the national capital, Rs, 67.13 in Chennai, Rs. 70.24 in Kolkata and Rs. 70 in Mumbai. Similarly, the price of non-branded diesel in Delhi stands at Rs. 56.41, Rs. 58.02 in Chennai, Rs. 58.67 in Kolkata and Rs. 62.15 in Mumbai.
As stated by the Indian Oil Corp, there are strong chances that the prices of petrol and diesel prices may increase or decrease in the near future, depending on the international oil market and Indian economic condition on a global arena.