Petrol prices hiked by Rs 3.96 a litre, diesel Rs 2.37

NEW DELHI: Fuel retailers have raised prices of petrol by Rs 3.96 a litre and diesel by Rs 2.37 a litre following a rise in the international markets.

In Delhi, petrol will cost Rs 63.16 a litre from Friday, while the price of diesel will rise to Rs 49.57 a litre. Other places in country will see small variations due to local levies.

“Since last price change, there has been a sharp increase in the the international prices of petrol and diesel. Rupee-dollar exchange rate has also depreciated during this period. Therefore, combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to the consumers with this price increase.” Indian Oil Corp, the nation's largest fuel retailer, said in a statement.

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

Indian fuel retailers review local petrol and diesel prices every fortnight and make adjustments based on global rates. The retailers had lowered prices of petrol and diesel by Rs 0.80 a litre and Rs 1.30 a litre respectively in their mid-month review in April.

Crude prices have starting moving up again in the international market after falling by about 60% between June and January. Oil Prices have risen to about $66 a barrel now. The exchange rate is also an important factor in determining the landed oil price in the country that imports about 80% of the oil it consumes.