Petrol, diesel prices hiked as global oil prices rise

Indian Oil Corporation Ltd (IOCL) on Sunday said that it has hiked prices of petrol and diesel by Rs 1.29 and Rs 0.97 per litre, respectively.

Petrol, diesel prices hiked. Pic: IANS

Indian Oil Corporation Ltd (IOCL) on Sunday said that it has hiked prices of petrol and diesel by Rs 1.29 and Rs 0.97 per litre, respectively.

IOCL said, "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 said that the hike has been warranted as global crude oil prices have risen over the past fornight. The company, largest oil marketing company in India, revised fuel prices every fortnight.

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On December 16, 2016, IOCL had raised petrol prices by Rs 2.21 per litre and diesel prices by Rs 1.70 per litre.

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, it said.

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