On Sunday, Petrol price was raised by 82 paisa per litre and diesel by 61 paisa, reversing the declining trend of last six months.
Petrol and diesel price hike, which was effective from Sunday night, is the first increase since August 2014 and follows firming of oil prices in the international market.
Prior to today’s increase, petrol price had been cut on 10 occasion since August and diesel six times since October.
Even after today’s increase, petrol price is the lowest since September 2010 while diesel is cheapest since March 2013.“There has been a sharp increase in international prices of both petrol and diesel and the Rupee-USD exchange rate has also depreciated slightly since the last price revision. The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel,” said IOC.
