Petrol and diesel price hiked

Posted on: March 18, 2016, by :
Petrol and diesel price hiked

Earlier this month petrol and diesel prices in the country had been reduced by Rs 3.02 per litre and Rs 1.47 per litre respectively. Reversing the three month price drop trend, the petrol price has been hiked by Rs 3.07, while diesel now costs dearer by Rs 1.90 per litre.

IOC issued a statement in this regard : “The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to consumers with this price revision.”

Though the price hike was due on Tuesday, the retailers had postponed it by a day. The statement further said, “The movement of prices in the international oil market and rupee-USD exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes.”

The government has been earning Rs 17,000 crore as additional revenue as a result of the recent five hikes in excise duty. Owing to fresh hike, diesel in Delhi now costs about Rs 48.33 per litre as against earlier price of Rs 46.43 per litre, while petrol price has been revised to Rs 59.68 per litre as against the older price of Rs 56.61 per litre.