Petrol, diesel prices hiked by Rs 3.38 and Rs 2.67 per litre
"The current level of international prices warrant an increase in prices of Petrol and Diesel, the impact of which is being passed on to the consumers," said IOC.
Petrol prices are further hiked by Rs 3.38 per litre and diesel prices at Rs 2.67 per litre by Indian Oil Corporation.
Following the development, the price of petrol in Delhi would now become Rs 63.47 per litre in effect from midnight tonight.
Similarly, diesel would be now at Rs 52.94 per litre in Delhi.
The retail selling prices of petrol and diesel have been reduced on four occasions in the last two months led by declining international oil prices.
As a consequences, the petrol and diesel prices in Delhi were reduced by Rs 5.56 per litre and Rs 4.92 litre respectively.
IOC said,"During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13% (over $ 5/bbl) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products."
"The current level of international prices warrant an increase in prices of Petrol and Diesel, the impact of which is being passed on to the consumers," added IOC.
Further IOC said,"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."
On 1st and 16th of every month, IOC along with other state-owned fuel retailers, HindustanPetroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) revise petrol and diesel price based on international oil rate and foreign exchange ratio in the preceding fortnight.