More pain at the pump as petrol and diesel to cost more

Petrol and Diesel will cost more

April 5, 2016

Petrol and Diesel will cost more

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap]s the global crude oil rates are further hardening, the state-run Indian Oil Corp (IOC) has increased transport fuel rates from Tuesday, both at Delhi, with corresponding hike in other states. The petrol price increased Rs.2.19 a litre and Diesel by 98 Paise.

The IOC said in a statement here that, “The current level of international product prices of petrol and diesel and the INR-USD exchange rate warrant increase in prices of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”

Petrol per litre now costs Rs.61.87 ($0.93) in Delhi, Rs.65.48($0.99) in Kolkata, Rs.67.96 ($1.02) in Mumbai and Rs.61.32 ($0.92) in Chennai

The price of diesel per litre is Rs.49.31($0.74) in Delhi, Rs.51.58 ($0.77) in Kolkata, Rs.56.09($0.84) in Mumbai and Rs.50.09($0.75) in Chennai.

The latest increase follows a stiffer hike of Rs.3.07 a litre on petrol and Rs.1.90 a litre in diesel rates effected on March 17.

The Indian basket of crude oils, composed of 73 percent sour grade Dubai and Oman crudes and the rest by sweet grade UK Brent, closed trade on Friday at $36.58 a barrel of 159 litres as per official data, after having fallen to around $25 earlier in the year.

Note:
1. IANS
2. The conversion rate used in this article is 1 US Dollar = 66.15 Rupees