Petrol-Diesel price hiked by Rs 3.13 and Rs 2.71 per ltr respectively
The oil company Indian Oil Corp (IOC) said that, "Prices of petrol in Delhi will be Rs 66.29 a litre from Saturday as against the current Rs 63.16; while diesel will cost Rs 52.28 per litre as against Rs 49.57."
"The movement of prices in international oil market and rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," IOC said.
Notable, the today price hike comes on the back of Rs 3.96 per litre increase in petrol and Rs 2.37 a litre raise in diesel from May 1st, which came after the fuel prices were cut on April 1 when petrol prices were cut by 49 paise per litre, diesel by Rs 1.21 per litre, but LPG cylinder rates hiked by Rs 11. In the second reduction in the month, petrol prices were cut by 80 paise per litre and diesel by Rs 1.30 a litre on global cues on April 15.
The two consecutive hikes have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August last year. "Since last price change (effective May 1), there has been a steep increase in international prices of both petrol and diesel.
