The fuel prices in India have been revised with a hike of Rs 3.38 per litre in petrol and Rs 2.67 per litre in diesel rates. These prices are inclusive of all the duties imposed on Delhi. The fuel prices have been increased in other states as well. The increase in prices have been done with respect to rise in crude oil prices in the international markets which saw a steep increase.
The new fuel prices came into effect from midnight August 31/September 1, 2016. Last month, fuel prices were revised on two occasions. Petrol was priced at Rs 61.09 per litre and diesel was Rs 52.27 on August 1, 2016. The same was reduced to Rs 60.09 per litre for petrol and Rs 50.27 per litre on August 16, 2016. However, the rates have gone up considerably this time. The current prices in Delhi are 63.47 per litre for petrol and 52.94 per litre for diesel.
In an official statement, IOC mentioned, During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over $5/bbl) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products. 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."
A look at how the fuel prices were revised across the year in India
IOC also stated that the prices in the international oil market as well as the Rupee-Dollar exchange rates will be continuously monitored, and the same will be incorporated in the future fuel prices.