New Delhi: Oil marketing companies yesterday raised diesel and petrol prices respectively by 50 and 70 paise a litre, excluding taxes.
The new rates came into force from midnight.
State-run Indian Oil Corporation (IOC) said the depreciation of the rupee and hardening of crude prices in the international market had necessitated the hike.
“Since the last price change, the international price of petrol has gone up. The INR-USD (rupee-dollar) exchange rate, however, has marginally appreciated. The combined impact of these factors has warranted a price increase of petrol by Rs0.70 per litre,” the country’s largest OMC said.
The new petrol prices for New Delhi will be Rs.71.28 per litre, Kolkata at Rs.78.64 per litre, Mumbai at Rs.78.61 per litre and Chennai at Rs.74.49 per litre.
A sharp depreciation in the value of the rupee has made oil imports costlier and put pressure on marketing firms. IANS
