India’s oil marketing companies, on Wednesday, 31st May 2017 hiked petrol price by Rs 1.23/litre and diesel by Rs 0.89/litre tracking global crude oil prices in the trailing fortnight, reported ANI. This comes in the wake of petrol prices being cut by as much as Rs 2.16/ litre and diesel by Rs 2.10/ litre pan-India as crude rates fell. This was done on May 15 last. This cut itself had come after four-week trends of rising rates.
The three state-run oil marketing firms – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and usually revise them every fortnight to pass on the impact of global crude oil prices on their purchases.
“The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.
With the latest changes in price, Petrol in Delhi will cost Rs 66.91 per litre from tomorrow as against Rs 65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs 5.94, as compared to Rs 54.90 at present. IOC said that movement of prices in the international oil market and INR-USD exchange rate will continue to be monitored closely, adding, that developing trends of the market will be reflected in future price changes.