Petrol price hiked by 1 paisa, diesel up by 44 paisa/litre

Fuel prices have received a scheduled price hike in India. Petrol is now costlier by 1 paisa per litre, while diesel price has been upped by 44 paisa per litre. The said increments are excluding state levies. Updated prices have been made applicable from May 1, 2017.

Post this hike, petrol in New Delhi has been priced at Rs. 68.09 per litre, while diesel costs Rs. 57.35 per litre.

State-owned fuel marketing firms like Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) are responsible for studying market parameters like international crude oil prices and USD-INR exchange rates and thus take the final decision on fuel price revision. Currently, fuel prices are revised every fortnight, on the 1st and 16th of each month.

The Government of India has also started a pilot project in 5 cities (Pondicherry, Vizag, Udaipur, Jamshedpur and Chandigarh), where fuel prices will be revised daily, as per the aforementioned parameters.

Source: PTI News