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India's largest fuel retailer, Indian Oil, today hiked the price of petrol by Rs 0.42 /litre and the price of diesel by Rs 1.03/litre. The revised price will be effective from midnight January 15/16.
Effectively the revised price for Petrol in Delhi is Rs 71.02/litre, the price of diesel will now be Rs 58.85/litre.
In a statement, IOCL said that the current level of international product prices of Petrol & Diesel and INR-USD 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.
IOCL also noted that the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.
The price of Indian basket of crude was $53.95/bbl on January 13, $0.46/bbl lower than the price on January 2.
However, the rupee depreciated by Rs 0.42 against the dollar from December 30, 2016 to Rs 68.14 on January 13, 2017.
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