Petrol, Diesel Prices Go Up As New Year Begins

Petrol, Diesel Prices Go Up As New Year Begins

The revision in rates announced is excluding state levies (VAT).

Highlights

  • Petrol and diesel prices are deregulated in India
  • Revised prices will take effect from midnight
  • The revision in rates announced is excluding state levies (VAT)
Petrol price was on Sunday hiked by Rs 1.29 per litre while diesel rate was increased by Rs 0.97 per litre. Revised prices will take effect from midnight.

The revision in rates announced is excluding state levies (VAT).

After the revision, petrol will cost Rs 70.60 per litre in the national capital, while diesel will be sold at Rs 57.82 per litre.

The rates were last revised on December 16, when petrol was increased by Rs 2.21 a litre while diesel was hiked by Rs 1.79 per litre.

Petrol and diesel prices are deregulated in India - which means they are linked to market rates.

State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuel on a fortnightly basis based on the average oil price and foreign exchange rate in the preceding fortnight.

Earlier in the day, aviation turbine fuel (ATF) or jet fuel price was hiked by a steep 8.6 per cent and subsidised LPG rate raised by Rs 2 per cylinder which is the eighth increase in cooking gas price in seven months.

ATF price was hiked by Rs 4,161 per kilolitre (kl), or 8.6 per cent, to Rs 52,540.63 per kl in Delhi. The hike comes on back of a 3.7 per cent cut in rates last month.

The subsidised LPG rate was hiked by Rs 2 per 14.2-kg cylinder and it will now cost Rs 434.71 a cylinder as against Rs 432.71 previously.

(With inputs from PTI)