As expected there was hike in Petrol and diesel price as Petrol hiked by INR 1.34 Per litre and diesel rate hiked by INR 2.37 Per litre. The Revised rates will apply from midnight. After the price revision petrol in Delhi will now costs INR 66.45 Per litre and diesel will cost INR 55.38 Per litre. The Present level of international product prices of petrol, diesel and INR-USD exchange rate warrant increases in selling price of petrol and diesel, the impact was being passed on to the consumers, Indian Oil Corp (IOC) said in a statement. The Petrol and diesel prices are deregulated in India, which means they are directly linked to market rates. Prices were revised last on October 4th. The prices were increased following increase in commission paid to dealers.

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