Oil companies have hiked the petrol price by Rs 2.21 per litre and diesel price by Rs 1.79 per litre. The revised fuel prices will be effective from today.
With the revised fuel prices, the current petrol price in Delhi stands at Rs 68.94 per litre, whereas a litre of diesel costs Rs 56.68. The revised price was supposed to be effective from December 15 but was postponed to avoid discomfort for the government in the parliament.
The above-mentioned price hike is excluding the local levies. The actual price hike after including the VAT would be Rs 2.84 per litre of petrol and Rs 2.11 per litre for diesel in Delhi.
The Indian oil companies such as IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise the fuel price on 1st and 16th of every month based on the international price in the previous fortnight.
IOC in a statement said, "The current level of international product prices of petrol and diesel and Rupee-US Dollar 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."
The statement stated that the fluctuation in the international oil market and the foreign exchange rate will be monitored closely and the changing trends in the market will impact in future fuel price changes.