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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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 Again Petrol price was raised on Wednesday by ₹5 paise per litre and diesel by ₹1.26, with immediate effect from midnight. In Delhi Petrol costs ₹65.65 per litre it was hiked  to ₹65.60 per litre presently, its announced by Indian Oil Corp. And the diesel will cost ₹55.19 per litre as against ₹53.93 a litre currently. This is fourth time of increase in auto fuel prices from May 1st.   Petrol rates in four hikes have been raised by ₹4.52 per litre, while diesel rates have gone up by ₹7.72 per litre. The present level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant. After discounting the April 16 reduction petrol prices have raised by ₹9.04 per litre since mid-March and diesel by ₹11.05 per litre. The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,Indian Oil Corp said in an statement.
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Iran has ended free shipping of crude oil to India and also terminated old system of getting amount for half dues in rupees. The Persian Gulf nation is now insists to pay in Euros for the oil it sells to Indian refiners. It also wants refiners like Essar Oil, Petrochemicals Ltd (MPRL) and Mangalore Refinery to clear nearly USD 6.5 billion of past dues in Euros, an officials said. Iran in November 2013 offered free delivery of crude oil to Indian refiners as tough western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.

The National Iranian Oil Company (NIOC) has communicated to Indian firms by saying that it will no longer be shipping oil for free, an official said. It will continue to ship the oil in its tankers but will charge a discounted tariff. Iran however has offered 90-days credit period and payment becomes due only after 90-days of invoice being raised. 

(Also read about 6.9 earthquake in Myanmar and eastern india- Click here)
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Iran is exporting crude oil to india around 350,000 barrels hopes to increase this number. Bijan Zanganeh ( Iran Oil Minister) was quoted by saying on saturday after meeting with Indian counterpart Dharmendra Pradhan. The Shana news agency, linked to Iran's oil ministry, quoted Zanganeh as saying Indian oil purchases from Iran were at 350,000 barrels a day and that we hope this number will increase now that sanctions have been lifted. The two ministers mutually signed a cooperation agreement covering oil exports, the petrochemical sector and the development of a gas field, though there were no reports of any final deals being signed. Pradhan said India was ready to invest $20 billion in the port of Chabahar port in southeastern Iran, according to Shana, adding that Iran and India's energy ties are no longer limited to crude oil imports.  Zanganeh said Indian companies were looking to invest in oil, gas and petrochemical projects in the Islamic Republic, but that reaching deals was a difficult task and needs time. 
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