New Delhi: Petrol price has been hiked by a steep Rs 4.47 per litre and diesel rate by Rs 6.46 per litre in the last five weeks, taking retail rates to their highest level in one year.
With international oil prices going past $50 per barrel, oil companies late on Tuesday night hiked the price of petrol by Rs 2.58 per litre and that of diesel by Rs 2.26 a litre.
This was the third increase in the prices of petrol and diesel since May 1.
A litre of petrol in Delhi now costs Rs 65.60 while diesel is priced at Rs 53.93 a litre.
Prior to this increase, petrol rates were hiked by Rs 1.06 a litre on May 1 and Rs 0.83 on May 17. Similarly, diesel prices were increased by Rs 2.94 on May 1 and Rs 1.26 a per litre on May 17.
Barring an exemption on April 16, when the price of petrol was cut by Rs 0.74 a litre and that of diesel by Rs 1.30, the upward trend in rates has been phenomenon since March 17.
The petrol price was increased by Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4. In case of diesel, there were four straight hikes prior to that cut. The hikes totaled Rs 4.63 per litre.
After discounting the April 16 reduction, petrol prices have jumped by Rs 8.99 per litre since mid-March and diesel rates have risen by Rs 9.79 per litre.
"The current level of international product prices of petrol and diesel and Rupee-dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corporation (IOC), the country's largest oil firm, said on Tuesday while announcing the price hike.
"The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," Indian OIl added.