Hyderabad: Petrol price was on Sunday hiked by Rs 1.29 a litre — the third increase in a month, and diesel rate was raised by 97 paise a litre — the second hike in a fortnight.
The Centre had revised fuel prices nine times between August 16, 2016 and December 16, 2016. While petrol price was increased eight times, it was decreased only once. Diesel prices were increased four times, while it was decreased five times.
The petrol rate as on August 16, 2016 was Rs 64.25 per litre which increased to Rs 73.57 by December 16, 2016. Similarly, diesel prices went up from Rs 54.86 to Rs 61.78 during the same period.
Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation revise rates on 1st and 16th of every month based on average international price in the previous fortnight.
“The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase 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.
It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes....