New Delhi, January 3: Petrol and diesel prices will go up by 75 paise and 50 paise a litre, excluding taxes, from midnight Friday, state-run oil marketing company Indian Oil Corporation (IOC) said. "Indian Oil Corporation has decided to effect increase in the retail selling price of petrol by Rs. 0.75 per litre excluding state levies (and) increase in retail selling price of diesel by Rs.0.50 per litre excluding state levies," India's largest oil marketing company (OMC) said in a statement.
According to IOC said that it had to hike prices due to volatility in the rupee value and hardening of international motor spirit (MS) prices in the international market. "Since the last price change, international prices of MS have increased and the rupee-dollar exchange rate has depreciated. There is a continued volatility in the international oil prices because of geopolitical and economic developments around the globe." While the petrol price is market-linked and revised periodically depending on the international crude oil price, the diesel price is subsidised and the OMCs are only allowed to hike it by a "small amount" every month.
