Petrol price hiked by Rs1.06 per litre; diesel to cost Rs2.94 more per a litre

State-owned oil marketing companies on Saturday increased the prices of petrol by Rs1.06 a litre and that of diesel by Rs2.94 a litre.

OMCs had on 16 April reduced the price of petrol by Rs 0.74 per litre and that of diesel by Rs1.30 a litre.

With the present hike in prices, petrol in Delhi will cost Rs62.19 a litre against Rs.61.13 earlier, and a litre of diesel will cost Rs50.95 compared to Rs48.01 earlier, Indian Oil Corporation (IOC) stated in a release.

"The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," the IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

"The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the company added.