Petrol price hiked by Rs 1.06, diesel by Rs 2.94 a litre

Petrol price was hiked by Rs.1.06 a litre and diesel price hiked by Rs. 2.94 a litre with effect from midnight.

Zee Media Bureau

New Delhi: Oil marketing companies on Saturday increased the prices of petrol by Rs 1.06 a litre while that of diesel by Rs 2.94 a litre.

The new prices will come into effect midnight.

Petrol in Delhi will be Rs.62.19 a litre as againstRs.61.13 at present, said Indian Oil Corp. (IOC) and a litre of diesel will cost Rs.50.95 compared to Rs.48.01 at present.

The hike comes on back of Rs 0.74 per litre cut in petrol price and diesel by Rs 1.30 a litre on April 16.

"The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," the IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

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

(With PTI inputs)