In a fuel price revision this month that should worry bikers, oil companies have hiked the petrol prices by Rs 3.38 a litre. The steep rise in fuel prices comes after four reductions in the past.
The rates were last cut on August 16 by Rs 1 per litre for petrol. However, with the latest hike, petrol will cost Rs 63.47 a litre in Delhi from today. This is up from Rs 60.09 a litre as seen last month. The current rise in fuel rates has been necessitated by a 13 per cent rise in international oil rates in the last fortnight.
Consumers will be in a rude shock as this steep price hike has come after four reductions reversing a two-month declining trend. The back to back decline in fuel rates had accounted for the petrol price to come down by Rs 5.56 a litre in Delhi.
The current level of domestic fuel prices have been hiked due to the corresponding increase in the international prices of petroleum products. IOC and other state-owned fuel retailers including Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) revise these fuel prices. These changes are made on the 1st and 16th of every month depending on the international oil rates and foreign exchange ratio. These rates will continue to be monitored by these retailers, the impact of which will be passed down to consumers.
