Petrol price was hiked by Rs 1.23 per litre and diesel by 89 paise a litre on Wednesday, in sync with rising international fuel rates.
The increase in price, effective midnight Wednesday, comes on the back of a Rs 2.16 per litre cut in petrol and Rs 2.10 a litre reduction in diesel prices effected from May 16.
Petrol price in Delhi will cost Rs 66.91 per litre from Thursday as against Rs 65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs 5.94, as compared to Rs 54.90 at present.
Announcing the price hike, Indian Oil Corp (IOC), the nation’s largest fuel retailer, said the rates have been hiked excluding local state levies or VAT and actual increase will be higher depending on tax rate. “The current level of international product prices of petrol and diesel and INR-US$ exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.
The movement of prices in the international oil market and INR-US$ exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.