NEW DELHI: Petrol prices were once again increased in line with the crude oil rates in the International market. Petrol prices were hiked by 65paise per litre, whereas the Diesel price was cut down by Rs.1.35 per litre.
The updated prices will come into force with effective from today midnight. This was the third consecutive price increase of the Petrol prices by the oil firms, since May.
Petrol prices in Delhi, will now cost Rs.66.93 instead of Rs.66.29 from tomorrow. A litre of diesel will by charged Rs.50.93 instead of Rs.52.28, due to the decrease in the updated prices.
“Since the last change in the petrol prices, there was a increase in the costs of crude oil in the international market. Moreover, the value of Rupee over dollar has depreciated during this period. Hence,it has become inevitable for us to revise the Prices”. Indian Oil Corporation said in a statement.
“On the other hand, the International trend showed decrease in the costs of the diesel. Hence, we have decreased the diesel prices accordingly”, the Oil firm added, The Times of India reports.
State owned petroleum companies such as the Bharat Petroleum Corp, Indian Oil corp revise their tariffs every month on 1st and 16th. The new prices will be decided on these dates based on the market trends and the value of the Rupee against the US dollar in the previous fortnight.