As Diwali celebrations come to a joyful end, bad news has managed to take the limelight in terms of a hike for fuel prices in India. Petrol and diesel have become costlier in the country, effective midnight November 5, 2016.
The price of petrol has gone up by 89 paise per litre and diesel by 86 paise per litre. Fuel now costs Rs 67.62 for a litre of petrol and Rs 56.41 for a litre of diesel in the capital state of Delhi.
Issuing a statement on the revised fuel rates, Indian Oil Corp, India's largest petrol and diesel retailer said, The current level of international product prices of petrol and diesel, and rupee-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 company said that the prices in the international oil market and the exchange rate shall be monitored closely and will be reflected in future fuel price revisions.