Petrol price raised by 64 paise a litre; diesel cheaper by Rs1.35

State-run oil marketing companies today announced a hike in the retail petrol price by 64 paise a litre and a reduction in the price of diesel by Rs1.35 per litre, in line with the trend in global oil prices.

The revision in rates is effective from midnight tonight.

This is the third increase in petrol price since May and with this consumers will lose a third of the gains they made since global oil prices have plummeted.

However, the cut in diesel price, comes after two consecutive increases last month.

Petrol in Delhi will now cost Rs66.93 per litre instead of Rs66.29. A litre of diesel will cost Rs50.93 against Rs52.28, Indian Oil Corp (IOC), the nation's largest oil company, said.

On 16 May, the OMCs hiked petrol price by Rs3.13 a litre and that of diesel by Rs2.71 per litre. However, on 1 June, companies did not effect a 30-40 paise hike in rates that had become necessary due to the rise in international oil prices.

''Since the last price change, there has been an increase in international prices of petrol while international prices of diesel have shown a downward trend. The Indian rupee-US dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change,'' 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 the 1st and 16th of every month based on average imported cost and the rupee-dollar exchange rate in the previous fortnight.

''The movement of prices in international oil market and rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,'' IOC said.