Petrol price hiked by Rs. 1.39/l, diesel by Rs. 1.04/l

Fuel prices in the country have been hiked from the midnight of April 16, 2017, as part of the scheduled fortnightly price revisions. The price of petrol has been increased by Rs. 1.39 per litre, while that of diesel has gone up by Rs. 1.04 per litre. The hikes are excluding state levies. Hence, the final applicable increase will be slightly higher than the said figures.

Post this increase, in New Delhi, petrol is priced at Rs. 66.29 per litre, while diesel costs Rs. 55.61 per litre.

Fuel prices are revised every fortnight, on the 1st and 16th of each month. The revision is made by state-owned companies like Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL). Fuel retailers consider factors like the international crude oil price and the USD-INR exchange rates in order to ascertain the required price revision

The government is keen to bring in a system where the fuel prices are modulated every day, based on the above two factors. The state-owned fuel retailers will thus start a pilot project for this scheme from May 1, 2017. This will result in daily fuel price revisions in 5 Indian cities - Udaipur, Jamshedpur, Pondicherry, Vizag and Chandigarh. The same system will be implemented throughout the country, over the next few months.

Source: Hindustan Times