Petrol prices hiked this month

The price of petrol has been raised by Rs 0.89 per litre this month. This hike in fuel prices in India is due to the upward revision in international prices of fuel.

Indian Oil Corp announced this revision in rates over the weekend. Petrol now costs Rs 67.62 a litre in Delhi after adding VAT and local taxes. From the last recorded prices of Rs 66.45 per litre, petrol is now costlier by Rs 1.17 per litre. The cost of petrol was last increased on October 16 by Rs 1.73 a litre. And since September 1, this is the sixth price hike for petrol, which now totals up to Rs 7.53 per litre in a couple of months.

IOC and other state-owned fuel retailers including Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) revise fuel prices depending on the international oil rates and foreign exchange ratio. The impact of this is now being passed down to consumers. These retailers will continue to monitor these rates and we can expect the next revision to come by the mid of this month.

Source: PTI