Petrol hiked by 1 paisa a litre, diesel by 44 paise

With the ongoing fluctuation in global crude oil rates, state-run Indian Oil Corp (IOC) has marginally hiked the price of transport fuels, of petrol by 1 paisa and of diesel by 44 paise both at Delhi with corresponding increases in other states, effective Monday.

Prices were last hiked on April 16 with a Rs 1.39 per litre increase in petrol and Rs 1.04 a litre raise in diesel rates.

Petrol per litre now costs Rs 68.09 in Delhi, Rs 70.68 in Kolkata, Rs 77.46 in Mumbai and Rs 71.17 in Chennai.

Similarly, diesel costs Rs 57.35 in Delhi, Rs 59.61 in Kolkata, Rs 63.12 in Mumbai and Rs 60.71 in Chennai.

State-run oil marketers will roll out a dynamic fuel pricing pilot project from May 1 in five cities where the price of transport fuels would be changed daily so as to better cope with volatility in global crude oil prices. Petrol and diesel prices are currently revised on a fortnightly basis.

Fuel prices would change every midnight in five cities -- Puducherry and Vizag in southern India, Udaipur in the west, Jamshedpur in the east and Chandigarh in the north.

IOC also announced the fuel prices effective for Monday for these five cities.

Petrol per litre will cost Rs 67.65 in Chandigarh, Rs 69.33 in Jamshedpur, Rs 66.02 in Puducherry, Rs 70.57 in Udaipur and Rs 72.68 in Vizag.

Similarly, diesel will cost Rs 57.74 in Chandigarh, Rs 60.26 in Jamshedpur, Rs 58.68 in Puducherry, Rs 61.23 in Udaipur and Rs 62.81 in Vizag.

The Indian basket of crude oils, comprising 73 per cent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on Thursday at $49.94 for a barrel of 159 litres.