Zee Business Media
New Delhi: As a result of the recent firming of global oil prices, the state-run Indian Oil Corp on Sunday hiked rates of transport fuels effective from midnight.
The price of petrol will increase by 82 paise per litre, and diesel will go up by 61 paise per litre from Monday. This signals a reverse trend seen in the past six months, in which oil prices have been rising.
"There has been a steep increase in international prices of both petrol and diesel and the rupee-dollar exchange rate has also depreciated slightly since the last price revision," IOC said in a statement.
"Increase in retail selling price of diesel by Rs.0.61/litre at Delhi (including state levies) with corresponding increase in other states," it added.
Fuel prices were last revised Feb 3 when petrol was made cheaper by Rs.2.42 per litre and diesel price was also lowered by Rs 2.25 per litre.
The Indian basket of crude oil recently re-crossed USD 50 a barrel level and traded Thursday at USD 55.19 after having plunged to near six-year lows of USD 43 last month.
This is also the price instant of increase of diesel price since it became market-determined in October.
With PTI inputs
