Petrol price hiked by 70 paise, diesel by 50 paise per litre

New Delhi, Jul 31: Oil marketing companies today hiked the price of petrol by 70 paise per litre and of diesel by 50 paise per litre excluding state levies.
The new prices will take effect from this midnight.
Oil firms review the price of petrol every two weeks.
”Since the last price change (petrol prices were hiked by 1.55 paise a litre on July 14), the international price of petrol has gone up from 117.19 dollars per barrel to 120.05 per barrel. The rupee dollar exchange rate however, has marginally appreciated from 60.03 rupees per dollar to 59.49 per dollar. The combined impact of these factors has warranted a price increase of petrol by 70 paise per litre, excluding state levies,” Indian Oil Corporation Ltd said in a press release.
Petrol price were deregulated in June 2010 and the price is now determined by market. The government, however, still controls the price of diesel, allowing only minor revisions. (UNI)