Petrol price hiked by Rs. 3.38, Diesel by Rs. 2.67

Fuel prices in the country have been hiked for the first time in the last two months. Petrol is up by Rs. 3.38 a litre, while diesel prices have been hiked by Rs. 2.67 per litre. The new, increased prices have been made effective from midnight of August 31. After this price hike, petrol costs Rs. 63.47 per litre, while diesel is marked at Rs. 52.94 per litre in New Delhi.

This price hike comes after four consecutive cuts in the last two months which cumulatively saw petrol go down by Rs. 5.56 per litre and diesel by Rs. 4.92 per litre. The last hike in fuel prices was made on 16th June, when petrol got an increase of 5 paise per litre, while diesel went up by Rs. 1.26 per litre.

Fuel prices are increased or decreased every fortnight depending on the international crude oil rates and the Rupee - US Dollar exchange rate. The decision is taken by state-owned fuel retailers like Bharat Petroleum Corporation Ltd. (BPCL), Indian Oil Corp (IOC), and Hindustan Petroleum Corporation Ltd (HPCL).

Source: Economic Times