New Delhi: State owned oil companies announced a hike in diesel and petrol prices with effect from midnight 28 February. The increase in retail selling price of petrol is by Rs 3.18 per litre and Rs 3.09 per litre in diesel.
The price revision, the oil companies said has been done on account of steep increase in international prices of both petrol and diesel.
Post the price hike, to be effective midnight of 28 February, petrol will be priced at Rs 60.49 per litre while diesel will be charged Rs 49.71 per litre in Delhi.
This was the fifth revision in petrol prices and fourth revision in diesel prices since the beginning of January.
The Rupee-Dollar exchange rate has also depreciated slightly during this period. The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel.
The hike has no relation with the change in duty structure on petrol and diesel.
Prices of petrol and diesel were last revised upwards on 16th February’15 by Rs.0.82/ litre and Rs.0.61/ litre respectively (including state levies at Delhi). This increase in prices was affected on the back of increasing international oil prices.
The oil marketing companies also said that any future change in fuelprices would depend on movement of prices in international oil market and Rupee-Dollar exchange rate would and developing trends of the market.
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