Petrol price hiked by Rs 1.06 per litre, diesel by Rs 2.94 per litre

Mumbai: Petrol price on Saturday increased by Rs 1.06 per litre and diesel by Rs 2.94 per litre.

The change in price will be effective from Saturday midnight.

Petrol in Delhi will cost Rs 62.19 per litre from midnight as against Rs 61.13 per litre currently. Similarly, diesel will cost Rs 50.95 per litre as against Rs 48.01 per litre as present.

The hike comes on the back of a cut of Rs 0.74 a litre on petrol and a hike of Rs 1.30 per litre on April 15.

“The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” the IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

“The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the company added.