Indian Oil Corp hikes petrol, diesel prices

Amid firming global oil prices, Indian Oil Corp (IOC) has today raised the retail price of petrol by 1.45% and that of diesel by 1.3%.

The price hike came in effect from Feb 16 midnight. According to the statement issued by IOC, retail prices of petrol has been raised by Rs 0.82 a litre and that of diesel by 0.61 rupees a litre in Delhi with corresponding increase in other states.

After a decline in international oil prices, the state-owned firms on Feb 4 had slashed prices of Petrol and Diesel by Rs 2.42/litre and Rs 2.25/litre, respectively.

In Delhi, petrol now costs Rs 57.31/litre and diesel costs Rs 46.62.

"There has been a steep increase in international prices of both Petrol and Diesel and the INR-USD 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," as per a statement issued by IOC.

"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, it added. (Image: Reuters)