Indian Oil Corporation has issued a statement that petrol prices have been hiked by Rs 1.40 per litre effective from midnight. This is the second hike in petrol prices in just a fortnight. The previous hike which took place on February 16 saw rates increase by Rs 1.50 per litre.
IOC has said that the rise in international oil prices and depreciation in rupee necessitated the step. The hike is excluding VAT and local taxes, so the actual hike will be even higher. "The price increase has been necessitated by two factors — the international gasoline (petrol) prices have increased from USD 128.57 per barrel to USD 131.00 a barrel since the last revision; and the rupee has depreciated from Rs 53.43 to Rs 54.15 per US Dollar during the period," the statement said.
The revised petrol rates in the four major metros are as follows:
Delhi – Rs 70.74 per litre.
Mumbai – Rs 77.66 per litre.
Kolkatta – Rs 78.34 per litre.
Chennai – Rs 73.95 per litre.