NEW DELHI: State oil companies have raised the prices of petrol by 42 paise/litre and diesel by Rs 1.03/litre after the fortnightly review to align local prices with international rates. The new prices will be effective from Monday. Actual price increases would vary from state to state depending on local levies.
"The current level of international product prices of petrol and diesel and exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corp, the country's largest fuel retailer, said in a press statement.
The movement of prices in the international oil market and the exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company said.
The three state-run oil marketing firms – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically, and usually revise them every fortnight to pass on the impact of global crude oil prices on their purchases.
This is the fourth straight increase in prices of petrol and third straight increase in prices of diesel India since November-December, when global crude oil prices started rising on the talk of world’s major oil producers contemplating a cut in output.
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