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Petrol price hiked by 64 paise; diesel cut by Rs 1.35

15 June 2015;timesofindia.indiatimes.com; NEW DELHI: Petrol price was today hiked by 64 paise a litre, but diesel price was cut by Rs 1.35 per litre in line with trend in global oil rates.

This is the third increase in petrol price since May. However, in case of diesel, the reduction has halted two consecutive increases during last month. The revision in rates will be effective from midnight tonight.

Petrol in Delhi will cost Rs 66.93 per litre from tomorrow instead of Rs 66.29 at present. A litre of diesel will cost Rs 50.93 per litre as opposed to Rs 52.28, Indian Oil Corp (IOC), the nation's largest oil company, said.

On May 16, petrol price was hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre.

However, on June 1, companies skipped raising rates by 30-40 paise that had become necessary due to rise in international rates.

 "Since last price change, there has been an increase in international prices of petrol while international prices of Diesel have shown a downward trend.

"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,"

The three hikes in petrol rates have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August. In case of diesel, the reduction has partly restored the gains taken away in May.  

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

 

 

 
Second hike in 15 days: Petrol and diesel prices raised

15 May 2015;timesofindia.indiatimes.com;

New Delhi: Petrol prices were on Friday raised by Rs 3.13 a litre and diesel by Rs 2.71 per litre. This is the second hike in 15 days as the last hike was announced on April 30 this year.

The increase in petrol and diesel prices will be effective from midnight tonight. State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 reductions between October and February.

 
Petrol prices hiked by Rs 3.96 a litre, diesel by Rs 2.37
30 April 2015;timesofindia.indiatimes; NEW DELHI: After two rounds of cuts, petrol prices were on Thursday raised by Rs 3.96 per litre and diesel by Rs 2.37 a litre, tracking global cues. The increase in petrol and diesel prices will be effective from midnight tonight. Prices of petrol in Delhi will be Rs 63.16 a litre from tomorrow as against the current Rs 59.20; while diesel will cost Rs 49.57 per litre as against Rs 47.20, Indian Oil Corp (IOC), the nation's largest oil company, said. Rates were last cut by 80 paise per litre on petrol and Rs 1.30 a litre on diesel from April 16. This followed a reduction of 49 paisa a litre in the price of petrol and Rs 1.21 in diesel from April 2. Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 reductions between October and February. The rates were increased by 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16, and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1. After these, rates had been cut twice. State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and 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.
 
Petrol, diesel prices slashed
15 April 2015:timesofindia.indiatimes:NEW DELHI: Petrol price was today cut by 80 paise a litre and diesel by Rs 1.30 per litre, the second reduction in rates this month. The reduction will be effective from midnight tonight, Indian Oil Corp (IOC) said. After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be available Rs 47.20/litre. Prices of petrol and diesel were last revised downwards with effect from April 2 by Rs 0.49/litre and Rs 1.21/litre respectively. "Since last price change, the trend of international prices of petrol & diesel and INR-USD exchange rate warrant a further downward revision in prices, the impact of which is being passed on to consumers with this price decrease," IOC said.
 
Petrol prices hiked by Rs 3.18 per litre, diesel by Rs 3.09
28 Feb 2015;Timesofindia.indiatimes.com. NEW DELHI: Petrol price was on Saturday hiked by Rs 3.18 per litre and diesel by Rs 3.09, the second increase in rates this month on rising international oil rates. The increase is effective from Saturday midnight. A litre of petrol in Delhi will cost Rs 60.49 from Sunday as against Rs 57.31 currently while diesel will cost Rs 49.71 per litre as against Rs 46.62 at present, oil companies announced here on Saturday. Prior to the increases this month, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014. Cumulatively, petrol price had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October. This trend was reversed when rates were raised on February 16. "Prices of petrol and diesel were last revised upwards with effect from February 16 by Rs 0.82 per litre and Rs 0.61 a litre respectively (including state levies at Delhi)... Since the above price revision, there has been further steep increase in international prices of both petrol and diesel," Indian Oil Corp (IOC) said in a statement. Also, the slight depreciation in rupee-dollar exchange rate together with firming international rates warrant increase in retail selling price of petrol and diesel, it said. Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel. "The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," the IOC statement said.
 
Petrol price hiked by 82 paise/Litre, diesel by 61 paisa
15 Feb 2015;hindustantimes.com:Thanks to a steep increase in international oil and petro product prices, the oil companies on Sunday hiked petrol prices by Rs 0.82 per litre and diesel by Rs 0.61 per litre (in Delhi.) This increase in auto fuel prices comes after 10 cumulative reductions in petrol by Rs 17.11 a litre since August and Rs 12.96 a litre in petrol by way of six cuts since October. HT had first reported on February 8th that consumers should brace up for a hike in petrol and diesel prices anytime soon. “There has been a steep increase in international prices of both petrol and diesel and the rupee-dollar exchange rate has also depreciated slightly since the last price revision. The combined impact of both these factors warrants increase in retail selling prices of both petrol and diesel,” said Indian Oil Corporation (IOC). While global crude oil prices have crossed the $60 per barrel mark, the Indian basket of crude oil is also ruling at above the $55 per barrel level after crashing to below $45 a barrel last month. Petrol in Delhi will now cost Rs 57.31 a litre, up from Rs 56.49 a litre. Similarly, diesel will now cost Rs 46.62 a litre from Rs 46.01 a litre. Citing a major shake-up in the oil markets, the International Energy Agency (IEA) has also predicted a recovery in global oil prices. Stating this in its five-year forecast, the IEA said global oil prices will rise to $73 per barrel by 2020.
 
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