Petrol price hiked by Rs2.19 per litre, diesel to cost 98 paise more

State-run oil marketing companies have increased the prices of petrol and diesel by Rs2.19 per litre and Rs0.98 per litre, respectively, with effect from the midnight of 4-5 April.

After the revision, a litre of petrol in Delhi will cost Rs61.87 while it will cost Rs67.98 in Mumbai, Rs65.95 in Kolkata and Rs61.32 in Chennai, Indian Oil Corporation stated in a release.

A litre of diesel will now cost Rs49.31 in Delhi, Rs56.09 in Mumbai, Rs51.58 per litre in Kolkota and Rs50.07 in Chennai.

Oil marketing companies have been revising the retail prices of petrol and diesel almost twice a month on the basis of changes in the international prices of crude oil.

Prices, however, will differ from state to state depending on state levies, said Indian Oil Corporation.

OMCs had on 16 March hiked the prices of petrol and diesel by Rs3.07 a litre and Rs1.90 per litre, respectively. The government had deregulated prices of petrol and diesel, which are now linked to market rates and are influenced by global rates of crude oil. Crude oil prices have been on the rise ahead of a key meeting of oil producers which is supposed to be held this month.

Indian consumers have not fully benefited from the sharp decline in international prices of crude oil which have fallen to a decade low as the government has been increasing excise duty on the two fuels.

State-run oil marketing companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation Ltd (HPCL) - revise fuel prices on the 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.