Petrol price hiked by 64 paise; diesel cut by Rs 1.35

Petrol price was on Monday hiked by 64 paise a litre, but diesel price was cut by Rs 1.35 per litre in line with <g data-gr-id="17">trend</g> in global oil rates. This is the third increase in petrol price since May. However, in case of diesel, the reduction has halted two consecutive increases during last month. The revision in rates will be effective from midnight tonight. Petrol in Delhi will cost Rs 66.93 per litre from Tuesday instead of Rs 66.29 at present. A litre of diesel will cost Rs 50.93 per litre as opposed to Rs 52.28, IOC, the nation’s largest oil company, said. 

However, on June 1, companies skipped raising rates by 30-40 paise that had become necessary due to rise in international rates. “Since last price change, there has been an increase in international prices of petrol while international prices of Diesel have shown a downward trend. “Indian rupee-US dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change,” IOC said in a statement.