Petrol prices hiked by Rs 3.07 per litre, diesel by Rs 1.90

This is the first hike for petrol prices after seven consecutive cuts while it is the third consecutive hike for diesel. And the new prices will come into effect midnight tonight.

Zee Media Bureau

New Delhi: Oil marketing companies on Wednesday increased the prices of petrol by Rs 3.07 per litre while it hiked the prices of diesel by Rs 1.90.

The new prices , which includes state levies, will come into effective midnight tonight of March 16-17.

After this hike, a litre of petrol will cost Rs 59.68/litre in Delhi; Rs 63.76 in Kolkata; Rs 65.79 in Mumbai, and Rs 59.13 in Chennai, said Indian Oil Corporation. The price of diesel per litre will be Rs 48.33 in Delhi, Rs 50.75 in Kolkata, Rs 55.06 in Mumbai and Rs.49.09 in Chennai.

Petrol price incresed by Rs. 3.07/litre, Diesel price increased by Rs. 1.90/litre — ANI (@ANI_news) March 16, 2016

“The current level of international product prices of petrol & diesel and the rupee-US dollar exchange rate warrant an increase in the price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corporation in a statement.

“The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” the statement added.

The hike in petrol prices comes a forthnight after it was cut by Rs 3.02 per litre on February 29.

This is the first hike in petrol prices after seven consecutive reductions.

However, for diesel prices, this is the third consecutive hike. It was increased by Rs 1.47 a litre on February 29.