The fuel prices have been hiked again for the third time in a month. The petrol price is hiked by Rs 1.29 per litre and diesel by Rs 0.97 effective from 1st January 2017.
The above mentioned price hike is excluding state levies and the actual hike will be higher. Including the VAT the price hike in Delhi would be Rs 1.66 for petrol and Rs 1.14 for diesel.
This is the third price hike for petrol and second for diesel in a single fortnight. The revised petrol price in Delhi stands at Rs 70.60 per litre and a litre of diesel will cost Rs 57.82.
Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise the price of fuel on 1st and 16th of every month based on the crude oil price in the international market the previous fortnight.
Indian Oil Corp 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."
IOC also stated that the fluctuation of price in the international oil market and the foreign exchange rate will be closely monitored which will reflect in the future price changes.
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