This is not good news for motorists in the early part of the new year as oil distribution companies hiked the price of petrol by Rs 1.29 per litre and price of diesel by Rs 0.97 per litre effective from midnight of 1st/2nd January. The last time Petrol and diesel prices were hiked was on December 16.
The oil rates are revised periodically by Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) mostly on the 1st and 16th of every month. The price hike depends on the average international price in the previous fortnight.
After the price hike on December 16, petrol in Delhi was priced at Rs 68.94 per litre and diesel was priced at Rs 56.68. Indian Oil Corporation(IOC) in a statement said that, due to the current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate it necessitated an increase in selling price of petrol and diesel, the effect of which is being passed to the consumers with this price revision.
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