Petrol dearer by Rs 3.13, diesel by Rs 2.71

Odisha Sun Times Bureau
New Delhi, May 15:

Prices of petrol and diesel were  raised today for the second time in the last fortnight. While petrol prices were hiked by 3.13 per litre, diesel prices were raised by Rs 2.71 Per litre.

The rates would come into effect from midnight today, the announcement by the Ministry of Petroleum and Natural Gas (PNG) said.

The retail rates at petrol pumps would, however, vary from state to state and city to city depending on state levies, sources in th ministry said.

Fuel prices were last revised on April 30 when petrol prices were hiked by Rs 3.96 per litre and diesel prices by Rs 2.37 a litre.

PNG minister Dharmendra Pradhan attributed the hike to international factors. “There are two reasons for the hike. First, crude prices have shot up from $ 52 to about $ 68 in the last week or two. Second, there has been a devaluation of the rupee in the international market, which is impacting the prices here because much of the petroleum products we use comes through imports for which we have to pay in foreign currency,” Pradhan said.

Oil companies review global crude prices every fortnight and revise fuel prices accordingly.