NOC hikes prices of petro products

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According to the website of Indian Oil Corporation, petrol price in Delhi is at Rs 75.10 per litre on Wednesday and Rs 82.94 per litre in Mumbai.

Meanwhile, Diesel will now cost Rs 66.57 in New Delhi, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai and Rs 70.25 in Chennai. With Tuesday's hike, petrol now sells at four-year high level of Rs 74.95 a litre and diesel at an all time high level of Rs 66.36 a litre in Delhi.

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(IOC) raised the price of petrol by 15 paise a litre and diesel by 23 paise a litre on Tuesday. Since September 2013, petrol prices are at their highest level and diesel prices are also at their all-time high in Delhi.

This followed public sector oil marketing companies revising the fuel prices across the country, something that they opted for after a gap of nearly three weeks.

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Monday's change is bound to bring back worries for motorists about further increase in fuel prices in the backdrop of global crude as well as product prices firming up. The brent crude oil is now priced around $78 per barrel. Moreover, the rupee is also down more than 6% against the U.S. dollar so far this year. Oil PSUs that had kept rates unchanged for almost three weeks before Karnataka polls despite a spike in input cost, reverted to daily revision in prices as soon as the state voted to elect a new government on Saturday.

"The increase in petrol and diesel prices is on account of price movement of the products in the worldwide market".

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The fuel was priced at Rs 75.10 per litre in Delhi, the highest since it hit Rs 76.06 a litre in September 2013.

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