Source: News Bharati English16 Jan 2017 09:09:20

New Delhi, January 16: Prices for petrol and diesel once again increased on Sunday. The prices of petrol hiked by 42 paise per litre whereas diesel prices increased by Rs. 1.03 paise per litre, excluding local taxes. For petrol, the increase is the fourth in 6 weeks while for diesel, it is the second hike in a fortnight.
The increase in rates, which are effective from midnight tonight, are excluding state levies and the actual hike will be higher, the oil companies announced. After including VAT, the hike in Delhi comes to 53 paise per litre in prices of petrol and in the case of diesel it will be Rs 1.20 per litre.

Now, petrol will cost Rs 71.13 a litre from midnight as against Rs 70.60 currently. Similarly, a litre of diesel will be priced at Rs 59.02 as opposed to Rs 57.82 currently in New Delhi.       

IOC said in a statement that the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.

Notably, this is the fourth increase in petrol price in six weeks and the third in case of diesel in one month. Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates on 1st and 16th of every month based on average international price in the previous fortnight.