Petrol & Diesel Prices Hike by Rs. 3.07 and 1.90, Respectively

With a hike in the Rupee–USD exchange rate, the prices of petrol and diesel have inflated by Rs. 3.07 and 1.90, respectively. This increase surpasses the last price cut on petrol – of Rs 3.02 per litre – on February 29. On the said day, diesel prices were hiked for the second time by Rs 1.47 a litre; and the latest increase in price is the third diesel price hike in a row. 

The reason behind this hike is the fortnightly revision of oil prices, depending on the dollar–rupee exchange rate. The Indian Oil Corporation, in a statement, said, “The current level of international product prices of petrol & diesel and the rupee–US dollar exchange rate warrant an increase in the price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision. The movement of prices in international oil market and rupee–dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes.”

This oil price hike has now resulted in the following prices:

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