Petrol Price Hike A Week after its Price Cut Down
According to the recent fluctuations amid the global oil prices, Indian Oil Crop (IOC) on Wednesday has announced that there is a petrol price hike and as well diesel price by 3.38 and 2.67 per liter respectively. Recently in July, the petrol price was reduced by 2.25 and diesel by 0.42 per liter.
At present, the cost of gasoline per liter is 63.47, whereas the diesel is 62.94 per litre. The hike in the transport fuel is necessitated by 13% raise in the international oil lift on Wednesday night (yesterday). In between July and till date, the prices of the fuels are reduced on August 16 by Rs 1 and diesel by Rs 2.
On being asked about the fluctuations of the fuel prices, IOC replied “Retail selling prices of petrol and diesel have been reduced on four occasions in the last two months on the back of decreasing international oil prices. As a consequence, the prices in Delhi were reduced by Rs 5.56 a litre for petrol and by Rs 4.92 for diesel.”
IOC Statement, “The current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers.”
IOC on being asked about their fortnightly revision stated, “During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13% (over $5 per barrel) compared to the previous fortnight, with a corresponding increase in the international prices of petroleum products.”
IOC also included “The movement of prices in the international oil market and Rupee-US Dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”