Petrol price up by 70 paise a litre
Source: The Sangai Express / Agencies
New Delhi, July 23 2012:
After two rounds of rate cuts last month, petrol price was on Monday hiked by 70 paise per litre on firming international oil rates.
Petrol in Delhi will cost Rs68.48 per litre with effect from Monday midnight as compared to Rs 67.78 a litre now, state-owned oil companies announced on Monday.
The marginal hike in rate follows reductions last month � Rs2.02 per litre on June 3 and Rs2.46 a litre on June 29.The twin price cuts followed the massive Rs7.54 per litre increase in rates, the biggest in the history, effected in May.
Monday's increase was "necessitated due to increasing international oil prices and movement in INR-USD exchange rate," Indian Oil Corp, the nation's largest fuel retailer, said in a statement.
Average price of Indian basket of crude is USD 101.28 per barrel while international petrol price is USD 111.59 a barrel.
The Rupee-USD exchange rate is around Rs55.36 to a dollar.