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The oil marketing companies have raised petrol and diesel prices by 70 paise a litre and 50 paise a litre (excluding taxes), respectively effective Wednesday midnight.
“Since the last price change, the international price of petrol has gone up from $117.19/barrel to $120.05/barrel. The rupee-dollar exchange rate however, has marginally appreciated from Rs 60.03 to Rs 59.49 versus dollar. The combined impact of these factors has warranted a price increase of petrol by Rs 0.70/litre. (excluding state levies),” Indian Oil Corporation Ltd said in a statement.
The price of petrol has been revised every fortnight since June as the rupee continues to fall against the dollar. At the same time, diesel has also seen a upward revision at least six times since April.
After the recent revision, the public sector oil marketing companies continue to lose Rs 9.29 for every litre for selling the fuel below market cost. (PTI)
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