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For the second time within a fortnight, the public sector oil companies have hiked petrol prices.
The companies have increased petrol price by Rs 2 a litre, excluding State levies, from midnight tonight, while leaving diesel price untouched.
The impact of this increase on retail prices would vary from State-to-State based on local levies.
This increase has been mainly trigged by depreciation of the rupee, Indian Oil Corporation (IOC) said in a statement.
“Since last price change, the slide in rupee has continued and the dollar-rupee exchange rate has deteriorated from Rs 55.32 to Rs 57.08 for a dollar. Further, international petrol prices have also hardened during this period,” the company said.
On June 1, petrol price was last revised upwards by 75 paise/litre (excluding State levies) by the companies, citing devaluation of the rupee as a reason.
The movement in international oil markets and the rupee-dollar exchange rate has been put on a close watch and developing trends will be reflected in future price changes, the statement said.
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