New Delhi: The prices of petrol and diesel were increased by Rs 3.96 per litre and Rs 2.37 a litre respectively that will be effective from Thursday midnight.
According to Indian Oil Corporation, the price of petrol in Delhi after hike will be Rs 63.16 per litre from the present Rs 59.20 and that of diesel will be Rs 49.57 per litre from the current Rs 47.20.
The prices of petrol and diesel are revised on the 1st and 16th of each month by the state-run fuel retailers namely BPCL, HPCL and IOC on the basis of rupee dollar exchange rate in the past fortnight as well as average imported cost.
IOC said in a statement "The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes".
In the meantime, the Congress party has asked for an instant roll-back of the substantial hike in the prices of petrol and diesel. It also slammed the Modi government of making profits at the expense of farmers.
According to Congress party's media department incharge Randeep Surjewala, this hike in the prices of petrol and diesel by the government reflects a disconnect with people-oriented governance.