04 October 2016
New Delhi: Petrol price was on Tuesday hiked by 14 paise per litre while diesel rate was also increased by 10 paise per litre (inclusive of state levies). Revised rates will take effect from midnight.
"Consequent to the increase in Dealer Commission on Petrol and Diesel w.e.f.4th/ 5thOctober2016, it has been decided to effect the following price changes w.e.f. midnight of 4th October / 5th October 2016...There will be corresponding price revisions on Petrol and Diesel in other states on account of change in Dealer Commission," said Indian Oil Corporation, the country's largest fuel retailer.
After Tuesday's revision, petrol will retail at Rs. 64.72 per litre in Delhi and diesel will be sold at Rs. 52.61 per litre. Currently, consumers have to shell out Rs. 64.58 for a litre of petrol and Rs. 52.51 in the national capital.
Fuel prices were last revised on September 30, when petrol was made more expensive by 28 paise per litre while diesel was made cheaper by 6 paise per litre (excluding state levies).
Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
Normally, state-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.