After fuel prices being cut a fortnight ago, prices have now gone up for petrol and diesel in India. Petrol is now more expensive by Rs. 3.38 per litre and diesel by Rs. 2.67 per litre.
In the past two months, fuel prices saw reduction, and with the recent hike, the declining trend has been broken. Petrol will now cost Rs. 63.47 per litre in Delhi, and diesel will cost Rs. 52.94 per litre. The new prices are effective midnight, September 1, 2016.
The increase in fuel prices is the reflection of a 13 percent rise in international oil rates. The last revision saw fuel prices being cut by Rs. 1 per litre for petrol and Rs. 2 per litre for diesel.
The Indian Oil Corporation (IOC) in a statement said, "During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 percent (over US $5 per barrel) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products."
"The current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers."