Petrol Price Hiked By Rs 3.38/Liter, Diesel By Rs 2.67

Even as crude oil prices decreased by $1.47 to settle at $44.70 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery decreased $1.34 to close at $47.04 a barrel on the London ICE Futures Exchange on Wednesday, Indian government chose to hike the price of petrol and diesel unusually.

State-run Indian Oil Corporation (IOC) on Wednesday announced an increase in the prices of transport fuels petrol by Rs 3.38 a litre and of diesel by Rs 2.67 per litre effective from midnight -- both at Delhi, with corresponding increase in other states.

“During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over $5 per barrel) compared to the previous fortnight, with a corresponding increase in the international prices of petroleum products,” IOC said making their fortnightly revision in fuel prices.