Diesel price will be hiked by 50 paise per litre, effective Thursday onwards. The petrol price on the other hand remains unchanged. This was decided by oil retailers on Wednesday night.
This is the first increase in price diesel has seen since May 16th. The hike in price will vary marginally across the country, depending upon local taxes.
Since the last price hike in May, diesel prices were cut six times. The retailers had skipped fuel price revision, which was scheduled for September 15th since the production and retail cost difference was very marginal.
Petrol prices were last revised on the 1st of September.
Indian Oil, in a statement said, "The current level of international prices and INR-USD exchange rate warrant a price increase, which is being passed on to consumers with this price revision."
It also said that the international oil market and the USD-INR rate will be closely monitored and this would reflect in the future change in price of oil.