Petrol price hiked by Rs2.21 per litre, diesel to cost Rs1.79 more per litre

State-run oil marketing companies have announced an upward revision in the retail price of petrol by Rs2.21 a litre, and that of diesel by Rs1.79 per litre, excluding local levies.

The price revised rates are effective from the intervening midnight of 16 December and 17 December, Indian Oil Corporation, the country's biggest fuel retailer stated in a release.

The actual hike after considering VAT would be Rs2.84 per litre in Delhi for petrol and Rs2.11 for diesel.

Post hike, petrol in Delhi now costs Rs68.94 per litre against Rs66.10 earlier. Similarly, a litre of diesel sells at Rs56.68 against Rs54.57 earlier.

A litre of non-branded petrol now costs Rs75.27 in Mumbai, Rs71.50 in Kolkata and Rs68.41 in Chennai.

Similarly, a litre of non-branded diesel costs Rs62.40 in Mumbai, rs58.92 in Kolkata and Rs 58.28 in Chennai

State-run oil marketing companies, including India Oil Corp Ltd (IOCL), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates on the 1st and 16th of every month based on average international price in the previous fortnight.

The increase was warranted by a rise in international prices of gasoline (petrol) to $62.82 per barrel from $57.43 and that of diesel to $60.97 from $56.79 a barrel.

Fuel prices were last revised on 1 December when petrol price was hiked by 13 paise a litre while the price od diesel was reduced by 12 paise per litre.

Fuel prices were earlier revised on 16 November when petrol prices were hiked by Rs1.46 per litre and diesel prices were raised by Rs1.53 per litre.

The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.

IOC said it would closely watch the movement of prices in the international oil market and foreign exchange rate and these will be reflected in future price changes.