Premium diesel, petrol rates hiked sharply
The increase comes two days after the government resorted to a Rs 5 per litre increase in diesel prices.
After the Saturday’s price revision, a litre of premium petrol in Delhi will cost Rs 77.58, while in Bangalore it will be Rs 86. Similarly, premium diesel in Delhi will sell at Rs 65.81 per litre and Rs 71.48 in Bangalore, industry sources said.
The government, while announcing the decision to hike diesel prices on Thursday, had also allowed the oil companies to charge branded petrol and diesel at market price.
Branded petrol, which sells under different names by the petroleum companies, is lead-free and refining makes it costlier.
Fuel price revision takes into account rate of crude oil, price of petrol in the international market and the price paid to refiners by oil marketing companies. Since refiners pay more price for branded petrol, the commodity becomes costlier.
All the three government companies — Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum — sell premium petrol under different brand name.