Petrol, diesel prices hiked by over Rs 3 per litre each

New Delhi, February 28

Petrol price was on Saturday hiked by Rs 3.18 per litre and diesel by Rs 3.09, the second increase in rates this month on rising international oil rates.

The increase is effective from midnight tonight.

A litre of petrol in Delhi will cost Rs 60.49 from tomorrow as against Rs 57.31 currently while diesel will cost Rs 49.71 per litre as against Rs 46.62 at present, oil companies announced here today.

Prior to the increases this month, petrol price had been cut on 10 occasions since August 2014 and diesel six times since October 2014.

Cumulatively, petrol price had been cut by Rs 17.11 per litre in 10 reductions since August and diesel by Rs 12.96 a litre since its deregulation in October.

This trend was reversed when rates were raised on February 16.

"Prices of petrol and diesel were last revised upwards with effect from February 16 by Rs 0.82 per litre and Rs 0.61 a litre, respectively, (including state levies at Delhi).

Since the above price revision, there has been further steep increase in international prices of both petrol and diesel," Indian Oil Corp (IOC) said in a statement.

Also, the slight depreciation in rupee-dollar exchange rate together with firming international rates warrant increase in retail selling price of petrol and diesel, it said.

Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.

"The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," the IOC statement said. — PTI