Petrol and diesel prices in India are reviewed every fortnightly by Indian Oil Corporation. From November 16, 2015, Indians will witness a price hike for both petrol and diesel across the country. Price will be hiked marginally by 36 paise and 87 paise for petrol and diesel respectively.
In Delhi, petrol will cost Rs. 61.06 per litre, while diesel price will increase to Rs. 46.80 per litre. Petrol and diesel prices across the country will vary owing to different taxes and duties applied to it by various states.
Previously, petrol prices were reduced across the country, while diesel pricing remained unchanged. The cause for this hike in petrol and diesel prices is based on foreign exchange rates. Oil companies have adjusted fuel prices and passed the increase in price on to the customers.
Indian Oil Corporation frequently adjusts pricing of petrol and diesel across the nation. They do so every fortnightly to make sure the Indian fuel prices are in line with the international pricing of fuels. This is the major cause of fluctuation in the pricing of both petrol and diesel in India.
Both petrol and diesel pricing in the international market has witnessed a hike, along with Rupee to Dollar Exchange rate. Indian Oil Corporation confirmed on Sunday, November 15, 2015, that the hike will be effective from November 16, 2015..