Amid the recent fluctuation in global oil prices, state-run Indian Oil Corp (IOC) on Wednesday announced an increase in the prices of transport fuels petrol by Rs 3.38 a litre and diesel by Rs 2.67 per litre effective from midnight—both at Delhi, with corresponding increase in other states.
"During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over $5 per barrel) compared to the previous fortnight, with a corresponding increase in the international prices of petroleum products," IOC said making their fortnightly revision in fuel prices.
Making its previous fortnightly revision in fuel prices on August 15, the IOC had cut petrol by Re 1 a litre and diesel by Rs 2 per litre, both at Delhi.
"Retail selling prices of petrol and diesel have been reduced on four occasions in the last two months on the back of decreasing international oil prices. As a consequence, the prices in Delhi were reduced by Rs 5.56 a litre for petrol and by Rs 4.92 for diesel," IOC added.
Petrol per litre from Thursday will cost Rs 63.47 in Delhi, Rs 66.84 in Kolkata, Rs 68.40 in Mumbai and Rs 63.02 in Chennai.
Similarly, diesel per litre will cost Rs 52.94 in Delhi, Rs 55.15 in Kolkata, Rs 58.48 in Mumbai and Rs 54.43 in Chennai.
The Indian basket of crude oils closed trade on Tuesday at $46.63 a barrel, lower than $47.14 on the previous day, as per official data.