Petrol price hiked by Rs 1.29 per litre, diesel by Rs 0.97 per litre

Petrol price hiked by Rs 1.29 per litre, diesel by Rs 0.97 per litre

Price of Petrol was today increased by Rs 1.29 per litre and price of Diesel was increased by Rs 0.97 per litre, w.e.f from midnight of January 1st/2nd.

"The current level of international product prices of petrol and diesel and the INR-USD 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 release.

Petrol per litre from Monday will cost Rs 70.60 in Delhi, Rs 73.13 in Kolkata, Rs 76.91 in Mumbai and Rs 70.07 in Chennai.

Similarly, diesel will cost Rs 57.82 in Delhi, Rs 60.06 in Kolkata, Rs 63.61 in Mumbai and Rs 59.47 in Chennai.

Rates were last hiked on December 16, petrol by Rs 2.21 a litre, and diesel by Rs 1.79 paise, both in Delhi, with corresponding changes in other states.

With oil producers outside the Organisation of the Petroleum Exporting Countries (OPEC), led by Russia, agreeing to reduce output by 558,000 barrels per day (bpd) last month, the Indian basket of crude oils gained more than $3 a barrel over the weekend of December 11-12 even as global prices surged to an 18-month high.

This came in the wake of the 13-nation OPEC cartel's November 30 decision to cut output by 1.2 million bpd for six months effective January 1.

It is the first time since 2001 that OPEC and some of its rivals reached a deal to jointly reduce output in order to tackle the global oil glut.

As per available data, the Indian basket, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on Thursday at $54.54 for a barrel of 159 litres.

According to PTI, the sale of petrol and diesel in Delhi increased to 902,000 tonne during 2015-16 compared to 831,000 tonne in 2014-15 fiscal.

As per latest data released by the city government today, the sale of CNG also went up from 717,000 tonne in 2014-15 to 738,000 tonne in 2015-16.

For LPG, the figures stood at 732,000 tonne and 777,000 tonne for 2014-15 and 2015-16 respectively.

According to the city government's Delhi Statistical Handbook 2016, number of consumers of domestic light and fans in 2015-16 stood at 40,94,647 while the figure was 42,89,124 in 2014-15.

The number of commercial light, fans stood at 8,51,410 and 8,71,330 in the year 2014-15 and 2015-16 respectively.