Petrol price hiked again, diesel rate cut by 31 paisa

New Delhi: Petrol price was hiked by 58 paisa a liter while diesel rate was cut by 31 paisa per liter in line with international trends, Thursday.

Petrol will cost Rs 64.05 a liter from Thursday midnight as against Rs 63.47. Similarly, diesel will cost Rs 52.63 a litre as compared to Rs 52.94 a liter.

This is the second increase in rates of petrol this month, while in case of diesel it wipes away a part of the hike effected earlier this month.

Petrol price was last hiked on September 1 by a steep Rs 3.38 per liter and diesel by Rs 2.67 a liter.

"The current level of international product prices of petrol and diesel and rupee and US dollar exchange rate warrant increase in selling price of petrol and decrease in selling price of diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corp, the nation's largest fuel retailer, said.

The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said in a statement.

State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.