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After two rounds of cuts, petrol prices were on Thursday raised by Rs 3.96 a litre and diesel by Rs 2.37 a litre, tracking global cues.
The increase in petrol and diesel prices became effective from midnight on Thursday.
Prices of petrol in Delhi will be Rs 63.16 a litre from Friday, against the current Rs 59.20; while diesel will cost Rs 49.57 a litre, compared with Rs 47.20, Indian Oil Corp (IOC), the nation’s largest oil company, said.
Rates were last cut by 80 paise a litre on petrol and Rs 1.30 a litre on diesel on April 16. This followed a reduction of 49 paise a litre in the price of petrol and Rs 1.21 in diesel from April 2. Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in six reductions between October and February. The rates were increased by 0.82 a litre in petrol and Rs 0.61 a litre in diesel on February 16, and by Rs 3.18 a litre in petrol and Rs 3.09 a litre in diesel on March 1. After these, rates had been cut twice.
State-owned fuel retailers IOC, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise petrol and diesel prices on first and 16th of every month, based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
“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 said.
