New Delhi: Oil marketing companies hiked the petrol price was hiked by 64 paise a litre on Monday but cut the diesel price ₹ 1.35 per litre in line with the trend in global oil rates.

This is the third increase in petrol price since May. However, the cut in diesel price, comes after two consecutive increases last month. The revision in rates will be effective from midnight on Monday.

Petrol in Delhi will cost ₹ 66.93 per litre instead of ₹ 66.29. A litre of diesel will cost ₹ 50.93 as opposed to ₹ 2.28, Indian Oil Corp (IOC), the nation’s largest oil company, said.

On May 16, the petrol price was hiked by ₹ 3.13 a litre and diesel by ₹ 2.71 per litre. However, on 1 June, companies skipped raising rates by 30-40 paise that had become necessary due to the rise in international oil prices.

“Since the last price change, there has been an increase in international prices of petrol while international prices of diesel have shown a downward trend. The Indian rupee-US dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change," IOC said in a statement.

The three hikes in petrol rates have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August. In the case of diesel, the reduction has partly restored the gains taken away in May.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on the 1st and 16th of every month based on average imported cost and the rupee-dollar exchange rate in the previous fortnight.

“The movement of prices in international oil market and rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," IOC said.

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