Fuel prices raised by up to Rs 1.03 per litre

Petrol and diesel prices have been increased by Rs 0.42 and Rs 1.03 per litre respectively by oil marketing companies in India. The price hike was brought in place recently due to the rising global crude oil rates.

In Delhi, petrol now costs Rs 71.14 per litre and diesel is priced at Rs 59.02 a litre. Indian Oil Corp has stated that these prices are revised after taking into account the additional impact of state taxes.

Indian Oil said in a statement, “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant an increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."

Currently, there are three state-run oil marketing firms in India – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp. These firms review the retail fuel prices periodically after assessing the various factors that will affect fuel prices. Then accordingly they revise the rates every fortnight so that the impact of global crude oil prices is passed on to the customers. The consumers are surely going to be upset as this is the fourth successive increase in petrol price and the third straight increase in diesel price in India since November-December 2016.