Petrol price hiked by Rs 58 paise; Diesel price gets cut by Rs 31 paise

Indian Oil Corporation (IOC) makes another revision in petrol and diesel price.

Petrol price have been hiked to another Rs 58 paise per litter, while diesel prices have been decreased to Rs 31 paise per litter.

This price changes will be in effect from midnight tonight.

On August 31, the oil companies hiked petrol and diesel price by Rs 3.38 per litre and Rs 2.67 per litre respectively.

“The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and decrease in selling prices of Diesel, the impact of which is being passed on to the consumers with this price revision.” said IOC.

Further IOC said,"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."

On  1st and 16th of every month, IOC along with other state-owned fuel retailers, HindustanPetroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) revise petrol and diesel price based on international oil rate and foreign exchange ratio in the preceding fortnight.