Diesel price hiked by 45 paise a litre, petrol by Rs.1.50

Diesel will become costlier by 45 paise per litre and petrol by Rs.1.50 a litre from Friday-Saturday midnight due to increase in crude oil prices in international markets, oil marketing firms said Friday.

A litre of diesel which currently costs Rs.47.65 in New Delhi will be costlier by 45 paise plus taxes. Petrol currently costs Rs.67.26 per litre in the national capital and it will become costlier by Rs.1.50 a litre plus taxes.

Rates of petrol and diesel vary from state to state due to different tax structure.

The last revision in petrol and diesel prices was done Jan 18 this year, when the diesel price was increased by the same amount 45 paise per litre. However, petrol price was reduced by 25 paise per litre.

"Since the last price change, the international oil prices have constantly shown an uptrend. Crude oil price has increased from $109.08 per barrel to $113.24 per barrel," said Indian Oil Corporation, the country's largest oil marketing firm.

As a result of the latest hike in prices, under-recovery on diesel will come down to Rs.10.27 per litre from the current Rs.10.72 a litre. At the time of last price revision, under-recovery on diesel price was Rs.9.15 per litre. The under-recovery on diesel has increased in the last one month due to a sharp increase in the prices of crude oil in the international market. - IANS