Diesel rates were hiked by 6-8 paise per litre in four metro cities on the first day of New Year 2018. Petrol prices however were unchanged in Delhi, Kolkata, Mumbai and Chennai. Effective 6 am, January 1, 2018, petrol rate was at Rs 69.97 per litre in Delhi, Rs 72.72 per litre in Kolkata, Rs 77.87 per litre in Mumbai and Rs 72.53 per litre in Chennai, according to Indian Oil Corporation's website - iocl.com. Diesel rate was at Rs 59.7 per litre, Rs 62.36 per litre, Rs 63.35 per litre and Rs 62.9 per litre respectively.
Petrol rates witnessed an addition of Rs 0.72 to Rs 1.35 per litre across the four major cities in December 2017. Diesel prices - in Delhi, Kolkata, Mumbai and Chennai - rose by Rs 1.31-Rs 2.3 during this period.
Oil marketing companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise the rates based on global oil prices and foreign exchange rates. OMCs adapted a daily revision system for petrol and diesel prices on June 16 last year.
Since then, petrol rate has risen by Rs 3.06 per litre in Delhi, Rs 3.2 per litre in Kolkata and Rs 2.6 in Chennai. Diesel prices have increased by Rs 3.76 per litre in Delhi, Rs 4.08 per litre in Kolkata, Rs 1.68 per litre in Mumbai and Rs 3.68 per litre in Chennai. In Mumbai, however, petrol price has come down by Rs 0.57 per litre during this period.
Previously, petrol and diesel rates were reviewed on a fortnightly basis across the country.
Meanwhile, jet fuel prices - aviation turbine fuel (ATF) - were hiked to Rs 57,460 per kilolitre in Delhi, Rs 62,083 per kilolitre in Kolkata, Rs 57,133 per kilolitre in Mumbai and Rs 60,640 per kilolitre in Chennai. The new prices, for domestic airlines, were applicable from January 1, 2018, according to Indian Oil.
Oil marketing companies revise petrol and diesel rates with effect from 6 am every day
