Prices of petrol and diesel have been increased by Rs 2.19 per litre and Rs 0.98 paise per litre, respectively. With this hike, prices of petrol and diesel are Rs. 61.87 per litre and Rs 49.31 per litre from 4 April midnight.
The new prices differ from state to state thanks to the tax pattern. Petrol will cost Rs 65.95 per litre in Kolkata, Rs 67.98 in Mumbai and Rs 61.32 in Chennai. Similarly, the diesel prices after re vision will cost Rs 51.73 per litre in Mumbai and Rs 50.07 in Chennai.
Oil prices in the country are decided by the international prices and exchange rate of crude oil prices. Of late, crude oil prices have been increasing across the world before an important meeting likely to be held this month.
Consumers in India have not yet got the benefit from the decreasing global oil prices with the government increasing excise duty on the two fuels.
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation Ltd, state-owned fuel retailers, increase/decrease rates on petrol and diesel on the 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.