Petrol and diesel prices go up for the first time in more than a month
The price of petrol in Delhi climbed to Rs 75.71 per litre from Rs
75.55 and diesel to Rs 67.50 a litre from Rs 67.38, according to price
notification of Indian Oil Corp
Current
Affairs News: Petrol and diesel prices were on Thursday hiked for the first time
in more than a month on the back of rising international rates and weakening
rupee.
The increase of
16 paisa a litre in petrol and 12 paisa per litre in diesel came after an 8-day
self-imposed hiatus in rate revisions by state-oil firms in anticipation of
softening international rates due to OPEC decision to raise output by 1 million
barrels per day.
The price of
petrol in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel to Rs
67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp
(IOC).
The three
state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan
Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June
26.
"We had
not changed prices for a few days in anticipation (of) OPEC decision to raise
production leading to softening of international rates. But the 1 million
barrels of additional production, which was to kick-in from July, has been
overdone by the Iran issue," IOC Chairman Sanjiv Singh told PTI.
While the OPEC
last month decided to raise production, the US is piling pressure on India,
China, and other buyers to end all imports of Iranian oil before a November 4
deadline in a bid to choke the Persian Gulf state's economic lifeline with
sanctions over its nuclear programme.
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