New Delhi: Breaking the two months declining trend, the prices of petrol and diesel have been hiked on Wednesday by Rs 3.38 per litre and Rs 2.67 a litre respectively. The revised rates will come into effect from midnight today.
The fuel prices have been hiked following a 13 per cent rise in the international oil rates in the last fortnight.
“The current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers,” IOC said in a statement.
State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise fuel rates every months on 1st and 16th followed by the average oil price and the foreign exchange rate.
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The prices of Petrol and Diesel were last cut by Re 1 a litre and diesel by Rs 2 on August 16.