New Delhi: With Indian Oil Corporation hiking the price of petrol and diesel by 36 paise/litre and 87 paise/litre (including State levies), respectively, from midnight of November 15/16, petrol in the capital will now cost Rs 61.06/litre and diesel will come at Rs 46.80/litre.
Indian Oil said at a Press release that current international prices of petrol and diesel and the rupee-dollar exchange rate has compelled the hike in prices.
The public sector oil marketing company said it would continue to closely monitor the movement of prices in the international oil market as well as the rupee-dollar exchange rate.
The developing trends would be reflected in future price changes, it added.
Domestic petrol prices, which had hit record levels for 16 consecutive days in May, have been on the reverse trend for the last 13 days, including Monday, but the relief for consumers has been slow in coming.
The pace of decline has been less than half the rate of surge.
Percentage-wise, since May 30, when prices started to take a downturn, petrol prices have slipped 2.35 per cent in Delhi, compared to the 5.5 per cent in the previous 16 days.
In absolute terms, prices have gone down by Rs 1.85 a litre since May 30, compared to the increase of Rs 3.8 per litre in the during May 14-29. On Monday, fuel was sold at Rs 76.58 per litre in the national capital, down 20 paise from Sunday’s level, the IndianOil Corp’s website showed.
In Mumbai, where petrol prices were the highest in the country last month, the decline has been much slow at Rs 1.23 per litre so far, against the rise of Rs 3.76 a litre during May 14-29.
On Monday, petrol price in Mumbai was Rs 84.41 per litre against Rs 84.61 on Sunday. Similarly, in Kolkata and Chennai, the fuel was sold at Rs 79.25 and Rs 79.48 respectively.
In Kolkata and Chennai too, the decline has been Rs 1.81 and Rs 1.65 per litre in the last 13 days, around 50 per cent of the previous rate of increase.
In tandem with petrol prices, diesel too has seen a decline, but of only around 2 per cent in all the major cities including Delhi, compared to over 5 per cent rise in the previous fortnight.
Both in Delhi and Kolkata, diesel prices in the last 13 days have declined by Rs 1.36, and in Mumbai and Kolkata, the fall was of Rs 1.44 and Rs 1.45 per litre respectively.