Petrol prices hiked by 39 paisa, diesel by 95 paisa

 

After the hike, petrol in Hyderabad will cost Rs 66.10 a litre and diesel 51.07 a litre. This is the first hike in petrol price in five months and the third in diesel rates since October.  “The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.

 

State-owned fuel retailers — IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) — revise petrol and diesel prices on first and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight. “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,” the company’s statement added.

 

Taxes on petrol are right now more than its actual cost due to a spate of increase in taxes in around one year. While petrol costs around Rs 25 a litre, taxes on it is now  around Rs 31.21 per litre in Delhi putting a high burden of taxes on the citizens.