Petrol price hiked 14 paise a litre, diesel by 10 paise

  • by Dan Gutierrez
  • in Markets
  • — Oct 5, 2016
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This has been done consequent to the increase in dealer commission on petrol and diesel with effect from midnight tonight, a press release from Indian Oil Corporation (IOC) said.

"South Africa's fuel prices are adjusted on a monthly basis, informed by global and local factors".

Fuel prices in the country depend on the USD-INR exchange rates and crude oil prices in worldwide markets.

This is the forth increase in rates in petrol in two months, while in the case of diesel, it is first increase after two price reductions this month.

Fuel prices will go marginally up on Wednesday as state-run fuel retailers raised dealer commission by 8 paise for diesel and 11 paise for petrol.

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The price hike comes three days after oil marketing firms raised petrol price by Rs 0.28 per litre and cut diesel price by 6 paise per litre citing current level of worldwide product prices of petrol and diesel and rupee dollar exchange rate.

World Petroleum Market Indices Over the Pricing-window, average Brent crude slipped 2.42% to $46.58/barrel on account of renewed worries of supply glut, Iran's determination to reach its market share prior to the ban, and low consumption in fossil fuel across Asia and Europe for the month of September.

The cedi lost marginally against the USA dollar over the pricing-window by 0.40% according to data obtained from the Bank of Ghana.

Petrol will now cost Rs.64.72 a litre in Delhi from midnight on Tuesday compared with Rs.64.58 per litre currently. The diesel stock in the country "still remains quite low at 154 million litres" capable of meeting three-and-a-half weeks of national consumption.

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