Petrol price on Wednesday was hiked by ₹3.38 per litre and diesel by ₹2.67 a litre, contradicting the decline in the last two months.
Petrol will cost ₹63.47 a litre in Delhi from 1st, September, up from ₹60.09 a litre, said Indian Oil Corp, the nation’s largest fuel retailer. Similarly, a litre of diesel will cost ₹52.94 a litre as against ₹50.27.
Rates were last cut by ₹1 per litre in the case of petrol and ₹2 in diesel on August 16. The four reductions in last two months had led to the price of petrol in Delhi coming down by ₹5.56 a litre and ₹4.92 per litre in the case of diesel.
“During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 percent (over $5 per barrel) compared to the previous fortnight, with a corresponding increase in the international prices of petroleum products.
“The current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers,” IOC said in a statement.
IOC and other State-owned fuel retailers, Hindustan Petroleum Corp. Ltd. (HPCL) and Bharat Petroleum Corp. Ltd. (BPCL) revise petrol and diesel price on 1st and 16th of every month based on international oil rate and foreign exchange ratio in the preceding fortnight.
The public went mad hearing the news and filled their tanks on Wednesday night itself. However, these rates will apply from now onwards and people will have to pay more.