PTI
New Delhi, February 15
The price of petrol was on Sunday hiked by 82 paise per litre while that of diesel was also increased by 61 paise per litre, reversing the declining trend of the past six months. The revised prices will take effect from the midnight of February 15 and February 16.
The upward revision in fuel prices is the first since August 2014 and follows firming of oil prices in the international market.
A litre of petrol in Delhi will cost Rs 57.31 from Monday as against Rs 56.49 until now. Diesel will cost Rs 46.62 per litre as against Rs 46.01 currently, oil companies announced here on Sunday.
The prices of petrol and diesel were last revised downwards on February 4 by Rs 2.42 per litre and Rs 2.25 per litre respectively. This decrease in prices was affected on the back of declining international oil prices.
Prior to Sunday's increase, petrol had been made cheaper on ten occasions since August, and diesel six times since October.
Even after this increase, petrol price is the lowest since September 2010 while diesel is the cheapest since March 2013.
Cumulatively, the price of petrol had been cut by Rs 17.11 per litre in ten reductions since August, and that of diesel by Rs 12.96 a litre since its deregulation in October.
The reduction would have been bigger but for four consecutive excise duty hikes since November totaling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.
"There has been a steep increase in international prices of both petrol and diesel and the rupee-dollar exchange rate has also depreciated slightly since the last price revision," Indian Oil Corp, the country's largest fuel retailer, said in a statement.
"The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel."
"The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," IOC added.
