Petrol price was hiked by Rs 1.29 a litre -- the third increase in a month, and diesel rate was raised by 97 paise a litre -- the second hike in a fortnight.
The increase in rates announced by oil firms is excluding state levies, making the actual hike higher.
The actual hike after considering value added tax would be Rs 1.66 a litre in Delhi for petrol and Rs 1.14 for diesel. The hike came into effect on midnight on January 1, 2017.
Petrol price, on December 17, was hiked by Rs 2.21 a litre and diesel by Rs 1.79 per litre, excluding local levies. The actual hike after considering VAT came to Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
After the hike, petrol in Delhi will now cost Rs 70.60 a litre from tomorrow as compared to Rs 68.94 currently.
Similarly, a litre of diesel, from January 2, will cost Rs 57.82, up from Rs 56.68.
Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. revise rates on 1st and 16th of every month based on average international price in the previous fortnight.
"The current level of international product prices of petrol and diesel and rupee-U.S. dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.
It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.
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