IOC hikes petrol price by 28 paise per litre, cuts diesel price by 6 paise a litre

Motorists wait for their turn to fill petrol at a gas station in the northern Indian city Lucknow. Image Source: Reuters/Pawan Kumar

Indian Oil Corporation (IOC) on Friday hiked petrol price by 28 paise per litre while it decreased diesel price by 6 paise per litre.

This is the third time the company has increased the rates of petrol in the September month.

It had last hiked the petrol price by 58 paise per litre on September 15 and before that on September 1 by Rs 3.38 per litre.Non-branded petrol will now cost Rs 64.58 per litre in Delhi and Rs 71 per litre in Mumbai.

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Similarly, non-branded diesel will now cost Rs 52.51 per litre in Delhi and Rs 58.03 per litre in Mumbai.

The revised prices will be effective from midnight of September 30.

The company has revised the prices of petrol and diesel in line with the international trends.

"The current level of international product prices of petrol and diesel and Indian rupee-US dollar exchange rate warrant increase in selling price of petrol and decrease in selling prices of diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corporation (IOC) said in a press release.

The movement of prices in the international oil market and Indian rupee-US dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said in a statement.

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