Petrol and diesel will cost more from Saturday, as state-owned oil companies announced on Friday a hike of Rs. 1.50 for petrol and 45 paise for diesel.
Since the increases exclude local sales tax, or VAT, the actual hike will be even higher. In Delhi, petrol will cost Rs. 69.05 a litre — Rs. 1.79 a litre more after adding the 19% VAT — while diesel will cost Rs. 48.16 a litre – a hike of 51 paise.
HT was the first to report on this round of price hikes on February 11 after the petrol prices were last revised on January 18 with a 25 paise a litre cut to Rs. 67.26. Diesel prices were hiked by 45 paise to cost Rs. 47.65 a litre in Delhi.
While petrol rates have been revised in step with the steep rise in international prices, oil firms used the new freedom to increase diesel prices in small dozes to adjust the prices for the second time in one month.
“Since the last price change, the international oil prices have shown an upward trend and the crude oil price has increased from $109 a barrel to $113.24 a barrel,” said an IOC release.