New Delhi: State-run fuel retailers late on Wednesday night decided to raise diesel price by 50 paise a litre but left petrol untouched , Indian Oil Corp, the nation’s largest fuel retailer, said. The current level of international prices and INR-USD exchange rate warrant a price increase, which is being passed on to consumers with this price revision,” IOC said. At the last revision on September 1, petrol price was cut by Rs 2 per litre and diesel by 50 paise. A litre of petrol in Delhi currently costs Rs 61.20.
Oil companies had at the last scheduled review on September 16 put off a 98 paise per litre hike in petrol and Rs 2.28 a litre increase in diesel rates necessitated due to firming global oil rates apparently because of assembly elections in Bihar.
Bihar goes to poll from October 12 and is being considered a major test of popularity for the ruling BJP. This is the first increase in diesel price in four months. Diesel price was hiked by Rs 2.71 per litre on May 16. Rates have on consecutive fortnights declined.
State-owned fuel retailers — Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) — revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Bureau Report
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