Oil companies on Wednesday increased price by Rs 0.13 per litre whereas diesel rate was cut by 12 paise per litre. Revised rates will take effect from midnight.
Fuel prices were last revised 15 days ago. Petrol and diesel prices are deregulated in India, which means they are linked to market rates.The revised rates by Indian Oil Corp (IOC) is excluding local sales tax or VAT.
“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” Indian Oil Corporation said in in a statement.
State-owned fuel retailers like Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise fuel rates on a fortnightly basis based on the average oil price and foreign exchange rate in the preceding fortnight.