Fuel Prices Face A Steep Hike!

After the reduction in fuel prices over the course of the last two months (four revisions), the prices have now witnessed a steep hike. The cost of petrol has been increased by Re 3.38 per litre and that of diesel by Rs 2.67 per litre. Aa a result, the revised prices in Delhi are now Rs 63.47 per litre for petrol and 52.94 per litre for diesel.

In the last two months, prices were reduced by Rs 5.56 per litre (for petrol) and Rs 4.92 per litre (for diesel). This revision has been put to effect from midnight of August 31, 2016/September 01, 2016. The last revision reduced the prices by Re 1 per litre for petrol and Rs 2 per litre for diesel.

The statement from Indian Oil Corporation Limited reads, "During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over $ 5/bbl) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products. The current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers. In view of above, Indian Oil Corporation Ltd. has decided to effect the following price changes w.e.f midnight of 31st August 2016 / 01st September 2016"

Fluctuation witnessed since May

This increase in the fuel price mostly nullifies the decrease in price over the past four revisions. Hopefully, after 15 days, these prices will dip again and people will have some relief.

Also Read: VW To Showcase 400-600km Range Electric Vehicle At 2016 Paris Motor Show