New Delhi, Feb 28 IBNS | 5 months ago

State-run oil companies on Friday said that petrol prices would be hiked Rs 60 paise per litre while diesel prices would go up by 50 paise per litre.


The new prices will come to effect from midnight on Friday.

"Indian Oil Corporation Ltd. has decided to effect the following price changes w.e.f midnight of 28th Feb/1st Mar'14. Increase in retail selling price of Petrol by Rs. 0.60/ litre (excluding state levies). Increase in retail selling price of Diesel (Retail) by Rs.0.50/litre (excluding state levies)," Indian Oil Corporation (IOC) said in a statement on Friday.

It said: "The price of Petrol were last revised upwards by Rs. 0.75/litre (excluding state levies) w.e.f 4th January 2014. Since the last price change, international prices of MS have increased from USD 116.04/bbl to USD 118.10/bbl, and the INR-USD exchange rate has also depreciated from Rs.62.02/$ to Rs. 62.12/$. The combined impact of both these factors, has warranted the increase in Petrol prices by Rs. 0.60/ litre (excluding state levies)."

(Posted on 28-02-2014)