Petrol price was on Wednesday hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month declining trend. Petrol will cost Rs 63.47 a litre in Delhi from midnight Wenesday, up from Rs 60.09 a litre, said Indian Oil Corp, the nation’s largest fuel retailer.
Similarly, a litre of diesel will cost Rs 52.94 a litre as against Rs 50.27. The hike in fuel price, necessitated by a 13 per cent rise in international oil rates in the last fortnight, comes on the back of four reductions.Rates were last cut by Rs 1 per litre in case of petrol and Rs 2 in diesel on August 16. The four reductions had led to the price of petrol in Delhi coming down by Rs 5.56 a litre and Rs 4.92 per litre in case of diesel.
“During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over USD 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,” IOC said.