New Delhi: The state owned company Indian Oil Corporation (IOC) today hiked Petrol price by Rs 2.21 a litre and diesel by Rs 1.79 per litre, excluding local levies.
The revision of price was planned to bring in effect from yesterday, but was deferred possibly to save the demonetisation-battered government from any blushes in Parliament. The revised rates will be effective from midnight tonight.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
The nation’s largest fuel retailer, Indian Oil Corporation official said, petrol price after the hike in Delhi will cost Rs 68.94 per litre from midnight tonight as against Rs 66.10 currently.
Similarly, a litre of diesel will cost Rs 56.68 as compared to Rs 54.57 now.
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.
Rates were last revised on December 1 when petrol price was hiked by a marginal 13 paise a litre, but diesel rates were cut by 12 paise.
Prior to the December 1 price change, rates were hiked by Rs 1.46 a litre in the case of petrol and Rs 1.53 per litre for diesel, excluding local levies, on November 16.