Petrol and diesel prices was hiked by 82 paisa 61 paisa per litre on Sunday, reversing the declining trend of the last six months. The new prices turned effective from Sunday midnight, is the first hike since August 2014 and follows firming global oil prices.
International prices of both the fuels has been increased and the Rupee-US dollar exchange rate has also depreciated slightly since the last price revision. The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel, said Indian Oil Corp, the country’s largest fuel retailer.
The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, the IOC statement said.