Government announced sudden hikes in petrol and diesel on Sunday was predicted aftermath of Delhi elections. Petrol and Diesel price increase for the first time after August 2014. The revised price hike quoted for petrol in Delhi would be 82 paisa per litre and diesel 61 paisa per litre, in line with a recovery in global oil prices after a steep fall over a six-month period. The hiked prices came into effect since Monday morning.
As per oil companies a litre of petrol in Delhi will cost Rs57 against Rs56.49 now, while diesel will cost Rs46.62 per litre against Rs46.01.
Earlier report that came in news on February 8 stated that consumers should brace up for a hike in petrol and diesel prices.
‘‘There has been a steep increase in international prices of both petrol and diesel and the Rupee-USD exchange rate has also depreciated slightly since the last price revision. The combined impact of both these factors warrants increase in retail selling prices of both petrol and diesel,’’ said Indian oil corporation, the Nation’s largest fuel retailer.
After plunging to as low as $47 per barrel, global crude oil prices have crossed the $60 a barrel mark. A major shake-up in the oil markets, the International Energy Agency (IEA) has also predicted a recovery in global oil prices, which they stated in five year forecast, the IEA said global oil prices will rise to $73 per barrel by 2020. Petrol prices had been cut 10 times since last august by a total RS17.11, and diesel six times since October by Rs12.96 cumulatively.