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Petrol price was hiked by Rs. 1.29 a litre and the diesel rate by 97 paise a litre on Sunday.
Also, aviation turbine fuel (ATF) price was hiked by a steep 8.6 per cent and subsidised LPG rate raised by Rs. 2 per cylinder. The increase in petrol and diesel rates announced by oil firms is excluding State levies and the actual hike will be higher.
This is the third increase in petrol price in one month and the second in case of diesel in one fortnight. After Sunday’s hike, petrol in Delhi will now cost Rs. 70.60 a litre as compared to Rs. 68.94 currently. Similarly, a litre of diesel will cost Rs. 57.82, up from Rs. 56.68.
Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates on 1st and 16th of every month based on average international price in the previous fortnight.
“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.
Steep hike in jet fuel price
ATF or jet fuel price was hiked by Rs. 4,161 per kilolitre (kl), or 8.6 per cent, to Rs. 52,540.63 per kilolitre in Delhi. The latest hike comes after a 3.7 per cent cut in rates last month.
With an increase of Rs. 2 per 14.2-kilogram cylinder, subsidised LPG will now cost Rs. 434.71 a bottle against Rs. 432.71 previously, according to state-owned oil companies.
This is the 8th such increase in prices since July when the government decided to go in for small hikes of up to Rs. 2 per bottle every month to cut down its subsidy outgo. LPG rate was last hiked on December 1 by Rs. 2.07 per cylinder.
Last year, the government decided to take the diesel route to eliminate subsidies on LPG and kerosene. Diesel prices were deregulated in November 2014 after the previous UPA government effected a 50 paise hike every month to bridge the gap between the retail price and its international cost.
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