NEW DELHI: Indian Oil Corporation, a venture owned by the Government of India, has on Sunday announced a hike in the prices of Diesel and Petrol by 87 and 36 paise a litre respectively, with effective from midnight of 15th November, 2015.
With the new changed tariffs, Diesel in the filling stations at Delhi will now cost Rs 46.80 a litre, while Petrol will be prices at Rs 61.06 per litre.
The announcement made by the Oil firm said that there will be a corresponding increase of Petrol and Diesel prices in the other Indian states too.
As per the Oil market, the new prices from Monday will be as follows: Rs.61.06 in Delhi, Rs.66.39 in Kolkata, Rs.68.13 in Mumbai and Rs.61.38 in Chennai. On Parallel Diesel will cost Rs.46.80 a litre in Delhi, Rs.50.29 in Kolkata, Rs.54.04 in Mumbai and Rs.48.00 in Chennai.
On its previous revision of prices on November 7th, the Oil firms remained silent despite of the Government raising the Excise duty over Petrol and Diesel by Rs 1.60 and 40 paise respectively.
Oil companies update the latest prices of Diesel and Petrol every fortnight, based on the crude Oil costs in the global market. Accordinlgy, in its last review the Oil firms have cut down the cost of Petrol by 50 paise per litre.
The Indian Oil Corporation said that the current trends in the international market for crude oil and the rupee-dollar exchange has forced them to revise the Petro-Diesel prices, a ToI report said.