Petrol cost hiked by 64 paise; diesel cut by Rs 1.35 a litre

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New Delhi: Petrol cost was on Monday hiked by 64 paise a litre, though diesel cost was cut by Rs 1.35 per litre in line with trend in tellurian oil rates.

This is a third boost in petrol cost given May. However, in box of diesel, a rebate has halted dual uninterrupted increases during final month. The rider in rates will be effective from midnight tonight.

Petrol in Delhi will cost Rs 66.93 per litre from Tuesday instead of Rs 66.29 during present. A litre of diesel will cost Rs 50.93 per litre as against to Rs 52.28, Indian Oil Corp (IOC), a nation’s largest oil company, said.

ReutersReuters

Reuters

On 16 May, petrol cost was hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre.

However, on 1 June, companies skipped lifting rates by 30-40 paise that had turn required due to arise in general rates.

“Since final cost change, there has been an boost in general prices of petrol while general prices of diesel have shown a downward trend.

“Indian rupee-US dollar sell rate has unheeded during this period. Combined impact of these factors aver an ceiling rider in prices of petrol and a downward rider in prices of diesel, a impact of that is being upheld on to a consumers with this cost change,” IOC pronounced in a statement.

The 3 hikes in petrol rates have wiped divided some-more than one-third of a gains that had accrued to consumers when tellurian rates began to tumble in August. In box of diesel, a rebate has partly easy a gains taken divided in May.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) correct petrol and diesel prices on 1st and 16th of each month formed on normal alien cost and rupee-dollar sell rate in a prior fortnight.

Prior to a Rs 3.13 boost in petrol cost on 16 May, rates of a fuel was lifted by Rs 3.96 on 1 May. In box of diesel, rates were hiked by Rs 2.37 (on 1 May) and by Rs 2.71 (on 16 May).

Petrol prices have been cumulatively cut by Rs 17.11 a litre in 10 reductions between Aug and Feb and diesel by Rs 12.96 a litre in 6 cuts between Oct and February.

After dual rates hikes (0.82 a litre in petrol and Rs 0.61 per litre in diesel on 16 Feb and Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on 1 March) rates were again cut on 2 Apr (49 paisa a litre in petrol and Rs 1.21 in diesel) and on 16 Apr (80 paise per litre on petrol and Rs 1.30 a litre on diesel).

“The transformation of prices in general oil marketplace and rupee-USD sell rate shall continue to be closely monitored and building trends of a marketplace will be reflected in destiny cost changes,” IOC said.

PTI

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