New Delhi: Petrol price on February 28 was hiked by Rs 3.18 per litre and diesel by Rs 3.09, the second increase in rates this month on rising international oil rates. The increase is effective from February 28 midnight.
A litre of petrol in Delhi will cost Rs 60.49 from March 1 as against Rs 57.31 currently while diesel will cost Rs 49.71 per litre as against Rs 46.62 at present, oil companies announced here today. Prior to the increases this month, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014.
Cumulatively, petrol price had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October. This trend was reversed when rates were raised on February 16. "Prices of petrol and diesel were last revised upwards with effect from February 16 by Rs 0.82 per litre and Rs 0.61 a litre respectively (including state levies at Delhi)... Since the above price revision, there has been further steep increase in international prices of both petrol and diesel," Indian Oil Corp (IOC) said in a statement.
Also, the slight depreciation in rupee-dollar exchange rate together with firming international rates warrant increase in retail selling price of petrol and diesel, it said. Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.
"The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," the IOC statement said.
