The petrol price has been hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre. These changes are applicable from today September 1, 2016.
Petrol will now cost Rs 63.47 a litre in Delhi and diesel will cost Rs 52.94 per litre. These prices are up from yesterday's prices of Rs 60.09 for one litre of petrol and Rs 50.29 in case of diesel. The 13 per cent rise in the international oil rates in the last fortnight is the cause for the hike in fuel prices.
It will come as a rude shock for consumers as the price hike is too steep. Especially when the last four reductions in fuel rates had warranted the petrol price coming down by Rs 5.56 a litre and Rs 4.92 per litre for diesel.
IOC and other state-owned fuel retailers including Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) make the changes in fuel prices. These changes are made on the 1st and 16th of every month depending on the international oil rates and foreign exchange ratio. These rates will continue to be monitored by these retailers, the impact of which will be passed down to consumers.