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Petrol price hiked by Rs 1.23 per litre, diesel by 86 paise per litre

India TV Business Desk New Delhi 31 May 2017, 22:52:04 PM IST
India TV Business Desk

India’s oil marketing companies on Wednesday raised the prices of petrol by Rs 1.23 litre and diesel prices by 86 paise per litre. The hiked prices will be effective from midnight tonight. 

These prices hikes exclude state levies and so the actual price increases could differ.

The three state-run oil marketing firms – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and revise them every fortnight to align them with international rates and factor in exchange rate fluctuations. 

“The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision,” Indian Oil Corporation said in a statement. 

Post the price revision effective midnight, non-branded petrol will be priced at Rs 66.55 per liter while every liter of diesel will cost Rs 55.79 in Delhi.

The movement of prices in the international oil market and INR-USD exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.