Petrol prices hiked by Rs 3.07/litre, diesel gets dearer by Rs 1.90 a litre
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Indian Oil Corp (IOC) has hiked petrol and diesel price on Wednesday.
Petrol price has been hiked by Rs 3.07 per litre and diesel by Rs 1.90 per litre. Revised prices will take effect from the midnight of March 16 and 17.
After the revision, petrol will cost Rs 59.68 per litre in Delhi whereas diesel will cost Rs 48.33 per litre.
According to NDTV, India Oil Corp said, "Increase in Retail Selling Price of Petrol by Rs. 3.07/litre at Delhi (including State levies) with corresponding price revision in other States".
While the hike in petrol price turns the clock back on the declining trend since January, this is the third straight fortnightly increase in diesel rates.
State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.
Fuel prices were last revised when the Union Budget 2016 was presented on February 29 where petrol was made cheaper by 3.02 per litre and diesel price was hiked by Rs 1.47 per litre.Rs 1.47 per litre.
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