Petrol price was on Tuesday hiked by 14 paise per litre while diesel rate was also increased by 10 paise per litre. Revised rates will take effect from midnight.
"Consequent to the increase in Dealer Commission on Petrol and Diesel w.e.f.4th/ 5th October 2016, it has been decided to effect the following price changes w.e.f. midnight of 4th October / 5th October 2016...There will be corresponding price revisions on Petrol and Diesel in other states on account of change in Dealer Commission," said Indian Oil Corporation, the country's largest fuel retailer.
After Tuesday's revision, petrol will retail at Rs 64.72 per litre in Delhi and diesel will be sold at Rs 52.61 per litre. Currently, consumers have to shell out Rs 64.58 for a litre of petrol and Rs 52.51 for diesel in the national capital.
Also, petrol prices in the other major cities will be: Rs 67.72/litre in Kolkata; Rs 71.12/litre in Mumbai, and Rs 64.24/litre in Chennai. And diesel prices will be: Rs 54.92/litre in Kolkata; Rs 58.11/litre in Mumbai, and Rs 54.07/litre in Chennai.
Fuel prices were last revised on September 30, when petrol was made more expensive by 28 paise per litre while diesel was made cheaper by 6 paise per litre (excluding state levies).
Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
Normally, state-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.
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